Raymond James Financial Inc. Reduces Stake in Seacoast Banking Corporation of Florida $SBCF

Raymond James Financial Inc. lessened its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 0.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 248,360 shares of the financial services provider’s stock after selling 470 shares during the quarter. Raymond James Financial Inc. owned about 0.29% of Seacoast Banking Corporation of Florida worth $6,390,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Westwood Holdings Group Inc. boosted its holdings in shares of Seacoast Banking Corporation of Florida by 27.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,869,563 shares of the financial services provider’s stock valued at $73,834,000 after acquiring an additional 622,709 shares during the last quarter. Deprince Race & Zollo Inc. lifted its position in Seacoast Banking Corporation of Florida by 0.7% during the fourth quarter. Deprince Race & Zollo Inc. now owns 2,011,523 shares of the financial services provider’s stock valued at $55,377,000 after purchasing an additional 14,536 shares during the period. Segall Bryant & Hamill LLC lifted its position in Seacoast Banking Corporation of Florida by 3.2% during the first quarter. Segall Bryant & Hamill LLC now owns 1,916,743 shares of the financial services provider’s stock valued at $49,318,000 after purchasing an additional 58,560 shares during the period. Royce & Associates LP boosted its holdings in Seacoast Banking Corporation of Florida by 5.4% in the first quarter. Royce & Associates LP now owns 1,135,997 shares of the financial services provider’s stock valued at $29,229,000 after purchasing an additional 58,601 shares during the last quarter. Finally, Aberdeen Group plc grew its position in Seacoast Banking Corporation of Florida by 7.0% during the 1st quarter. Aberdeen Group plc now owns 989,412 shares of the financial services provider’s stock worth $25,458,000 after purchasing an additional 65,070 shares during the period. 81.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their price objective on Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Tuesday, July 29th. Hovde Group raised their target price 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. Wall Street Zen raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Zacks Research upgraded Seacoast Banking Corporation of Florida from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.40.

Seacoast Banking Corporation of Florida Stock Performance

Shares of SBCF stock opened at $30.93 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36. Seacoast Banking Corporation of Florida has a 12-month low of $21.36 and a 12-month high of $31.68. The business’s 50 day moving average is $29.10 and its two-hundred day moving average is $26.61. The company has a market capitalization of $2.72 billion, a P/E ratio of 18.98 and a beta of 0.98.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.10. Seacoast Banking Corporation of Florida had a return on equity of 6.65% and a net margin of 16.63%.The business had revenue of $151.40 million during the quarter, compared to analysts’ expectations of $146.08 million. During the same period in the previous year, the business earned $0.36 earnings per share. Analysts expect that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 44.17%.

Seacoast Banking Corporation 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.