Bank of New York Mellon Corp Cuts Stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

Bank of New York Mellon Corp decreased its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 28.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,363,976 shares of the financial services provider’s stock after selling 539,090 shares during the period. Bank of New York Mellon Corp owned approximately 1.59% of Seacoast Banking Corporation of Florida worth $35,095,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 1st quarter valued at about $27,000. GAMMA Investing LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 38.0% during the first quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 460 shares during the period. Sterling Capital Management LLC lifted its stake in Seacoast Banking Corporation of Florida by 811.6% in the fourth quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider’s stock valued at $73,000 after buying an additional 2,370 shares during the period. Algert Global LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the fourth quarter worth about $212,000. Finally, Cibc World Markets Corp bought a new position in shares of Seacoast Banking Corporation of Florida during the fourth quarter worth about $218,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wall Street Zen lowered Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research report on Friday, May 16th. Hovde Group raised their target price on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a “market perform” rating in a report on Wednesday, June 4th. Keefe, Bruyette & Woods boosted their target price on Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, June 2nd. Finally, Stephens decreased their price objective on Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $29.20.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF opened at $28.49 on Wednesday. Seacoast Banking Corporation of Florida has a 1-year low of $21.36 and a 1-year high of $31.68. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $2.45 billion, a PE ratio of 19.12 and a beta of 0.94. The company’s fifty day moving average price is $26.33 and its 200-day moving average price is $26.21.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.02). The business had revenue of $140.70 million during the quarter, compared to analyst estimates of $138.41 million. Seacoast Banking Corporation of Florida had a net margin of 15.44% and a return on equity of 6.11%. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, equities research analysts predict that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, June 13th. This represents a $0.72 annualized dividend and a yield of 2.53%. Seacoast Banking Corporation of Florida’s dividend payout ratio is currently 48.32%.

Seacoast Banking Corporation of Florida Company 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.