New York State Common Retirement Fund Cuts Stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

New York State Common Retirement Fund cut its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 2.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 223,453 shares of the financial services provider’s stock after selling 6,460 shares during the quarter. New York State Common Retirement Fund owned approximately 0.26% of Seacoast Banking Corporation of Florida worth $5,749,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Seacoast Banking Corporation of Florida by 3.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 11,554 shares of the financial services provider’s stock worth $318,000 after acquiring an additional 380 shares during the last quarter. Mariner LLC boosted its stake in Seacoast Banking Corporation of Florida by 2.8% during the 4th quarter. Mariner LLC now owns 15,132 shares of the financial services provider’s stock worth $417,000 after purchasing an additional 407 shares during the last quarter. GAMMA Investing LLC grew its holdings 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 worth $43,000 after buying an additional 460 shares in the last quarter. Synovus Financial Corp grew its holdings in shares of Seacoast Banking Corporation of Florida by 1.6% during the fourth quarter. Synovus Financial Corp now owns 33,235 shares of the financial services provider’s stock worth $915,000 after buying an additional 539 shares in the last quarter. Finally, Summit Investment Advisors Inc. raised its position in shares of Seacoast Banking Corporation of Florida by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,838 shares of the financial services provider’s stock valued at $243,000 after buying an additional 562 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

Seacoast Banking Corporation of Florida Trading Down 0.1%

NASDAQ SBCF opened at $29.17 on Monday. 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 stock has a market capitalization of $2.51 billion, a P/E ratio of 19.58 and a beta of 0.94. The firm’s 50-day moving average is $26.60 and its two-hundred day moving average is $26.24. Seacoast Banking Corporation of Florida has a 12 month low of $21.36 and a 12 month high of $31.68.

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

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.47%. Seacoast Banking Corporation of Florida’s dividend payout ratio is currently 48.32%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wall Street Zen cut shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research note on Friday, May 16th. Hovde Group lifted their price target on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the stock a “market perform” rating in a report on Wednesday, June 4th. Stephens cut their price objective on shares of Seacoast Banking Corporation 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. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, June 2nd. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $29.20.

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.