Lord Abbett & CO. LLC Sells 49,413 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Lord Abbett & CO. LLC lessened its stake in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF - Free Report) by 30.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 114,417 shares of the financial services provider's stock after selling 49,413 shares during the quarter. Lord Abbett & CO. LLC owned about 0.13% of Seacoast Banking Co. of Florida worth $3,150,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. boosted its position in Seacoast Banking Co. of Florida by 3.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 11,554 shares of the financial services provider's stock worth $318,000 after purchasing an additional 380 shares during the period. Mariner LLC lifted its stake in shares of Seacoast Banking Co. of Florida by 2.8% in the fourth quarter. Mariner LLC now owns 15,132 shares of the financial services provider's stock worth $417,000 after buying an additional 407 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Seacoast Banking Co. of Florida by 6.0% during the 4th quarter. CIBC Asset Management Inc now owns 8,393 shares of the financial services provider's stock worth $231,000 after buying an additional 478 shares during the period. Synovus Financial Corp grew its stake in Seacoast Banking Co. of Florida by 1.6% in the 4th quarter. Synovus Financial Corp now owns 33,235 shares of the financial services provider's stock valued at $915,000 after buying an additional 539 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings in Seacoast Banking Co. of Florida by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,838 shares of the financial services provider's stock worth $243,000 after acquiring an additional 562 shares during the period. Institutional investors and hedge funds own 81.77% of the company's stock.

Wall Street Analyst Weigh In

SBCF has been the topic of several research analyst reports. StockNews.com downgraded Seacoast Banking Co. of Florida from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Raymond James reaffirmed an "outperform" rating and issued a $31.00 target price (up previously from $29.00) on shares of Seacoast Banking Co. of Florida in a report on Wednesday, January 29th. Keefe, Bruyette & Woods cut their price target on Seacoast Banking Co. of Florida from $32.00 to $31.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, Stephens reduced their price objective on Seacoast Banking Co. of Florida from $28.00 to $26.00 and set an "equal weight" rating for the company in a research report on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $29.40.

Seacoast Banking Co. of Florida Stock Performance

SBCF traded up $0.52 on Friday, hitting $24.48. 226,428 shares of the stock traded hands, compared to its average volume of 423,145. The business has a fifty day moving average price of $24.81 and a two-hundred day moving average price of $27.07. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.16. Seacoast Banking Co. of Florida has a 52 week low of $21.36 and a 52 week high of $31.68. The firm has a market capitalization of $2.10 billion, a PE ratio of 17.12 and a beta of 0.97.

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.02). The firm had revenue of $140.70 million for the quarter, compared to the consensus estimate of $138.41 million. Seacoast Banking Co. of Florida had a net margin of 14.95% and a return on equity of 5.91%. The business's revenue was up 12.0% compared to the same quarter last year. On average, research analysts predict that Seacoast Banking Co. of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Friday, June 13th. Seacoast Banking Co. of Florida's payout ratio is 48.32%.

Seacoast Banking Co. of Florida Profile

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.