Fred Alger Management LLC Sells 11,913 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Fred Alger Management LLC decreased its stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 70.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,057 shares of the financial services provider’s stock after selling 11,913 shares during the period. Fred Alger Management LLC’s holdings in Seacoast Banking Co. of Florida were worth $120,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in Seacoast Banking Co. of Florida in the 2nd quarter valued at approximately $55,000. Janney Montgomery Scott LLC lifted its stake in Seacoast Banking Co. of Florida by 6.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 460 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Seacoast Banking Co. of Florida during the first quarter valued at $263,000. Dakota Wealth Management raised its stake in shares of Seacoast Banking Co. of Florida by 16.7% during the second quarter. Dakota Wealth Management now owns 10,515 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 1,507 shares during the last quarter. Finally, Pitcairn Co. raised its stake in shares of Seacoast Banking Co. of Florida by 8.2% during the first quarter. Pitcairn Co. now owns 11,076 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 839 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Co. of Florida Trading Up 0.7 %

SBCF opened at $26.31 on Friday. Seacoast Banking Co. of Florida has a twelve month low of $19.04 and a twelve month high of $29.98. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average of $26.75 and a 200-day moving average of $24.82. The stock has a market cap of $2.23 billion, a PE ratio of 18.79 and a beta of 1.08.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.02. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. The company had revenue of $201.99 million during the quarter, compared to analysts’ expectations of $126.00 million. During the same period in the prior year, the company posted $0.37 earnings per share. On average, sell-side analysts predict that Seacoast Banking Co. of Florida will post 1.43 EPS for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Friday, September 13th. Seacoast Banking Co. of Florida’s payout ratio is 51.43%.

Wall Street Analysts Forecast Growth

SBCF has been the subject of several analyst reports. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and raised their price target for the company from $29.00 to $31.00 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $31.00 price target on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. Finally, Truist Financial raised their price target on shares of Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $29.88.

Insiders Place Their Bets

In other Seacoast Banking Co. of Florida news, Director Dennis S. Hudson III sold 16,000 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total value of $432,000.00. Following the completion of the sale, the director now directly owns 234,312 shares in the company, valued at $6,326,424. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.50% of the company’s stock.

Seacoast Banking Co. of Florida Company Profile

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.