Intech Investment Management LLC Takes $263,000 Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Intech Investment Management LLC acquired a new stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,124 shares of the financial services provider’s stock, valued at approximately $263,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Texas Permanent School Fund Corp boosted its stake in shares of Seacoast Banking Co. of Florida by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 74,241 shares of the financial services provider’s stock valued at $1,755,000 after purchasing an additional 438 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Seacoast Banking Co. of Florida by 6.0% in the first 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 period. Illinois Municipal Retirement Fund boosted its stake in shares of Seacoast Banking Co. of Florida by 1.0% in the first quarter. Illinois Municipal Retirement Fund now owns 46,860 shares of the financial services provider’s stock valued at $1,190,000 after purchasing an additional 477 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Seacoast Banking Co. of Florida by 1.2% in the second quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock valued at $1,000,000 after purchasing an additional 500 shares during the period. Finally, Pitcairn Co. boosted its stake in shares of Seacoast Banking Co. of Florida by 8.2% in the first quarter. Pitcairn Co. now owns 11,076 shares of the financial services provider’s stock valued at $281,000 after purchasing an additional 839 shares during the period. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SBCF. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $31.00 price target on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $29.00 to $31.00 in a research note on Monday, July 29th. Finally, Truist Financial lifted their price target on shares of Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Seacoast Banking Co. of Florida presently 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 that occurred on Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total transaction of $432,000.00. Following the sale, the director now owns 234,312 shares of the company’s stock, valued at $6,326,424. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is owned by corporate insiders.

Seacoast Banking Co. of Florida Stock Up 0.7 %

Shares of Seacoast Banking Co. of Florida stock opened at $26.31 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. Seacoast Banking Co. of Florida has a 52-week low of $19.04 and a 52-week high of $29.98. The company has a 50 day moving average of $26.75 and a 200 day moving average of $24.82. The company has a market capitalization of $2.23 billion, a P/E ratio of 18.79 and a beta of 1.08.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $126.00 million. During the same quarter last year, the company earned $0.37 earnings per share. As a group, research analysts forecast that Seacoast Banking Co. of Florida will post 1.43 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Announces Dividend

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

About Seacoast Banking Co. of Florida

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.