Seacoast Banking Corporation of Florida $SBCF Shares Sold by AlphaQuest LLC

AlphaQuest LLC lessened its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 50.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,287 shares of the financial services provider’s stock after selling 14,762 shares during the period. AlphaQuest LLC’s holdings in Seacoast Banking Corporation of Florida were worth $395,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SBCF. GAMMA Investing LLC increased its position in Seacoast Banking Corporation of Florida by 38.0% in the 1st 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. Illinois Municipal Retirement Fund increased its position in Seacoast Banking Corporation of Florida by 4.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 47,334 shares of the financial services provider’s stock valued at $1,218,000 after acquiring an additional 1,826 shares during the period. Teacher Retirement System of Texas acquired a new position in Seacoast Banking Corporation of Florida in the 1st quarter valued at about $410,000. Principal Financial Group Inc. increased its position in Seacoast Banking Corporation of Florida by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 422,306 shares of the financial services provider’s stock valued at $10,866,000 after acquiring an additional 11,674 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in Seacoast Banking Corporation of Florida by 1.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 143,979 shares of the financial services provider’s stock valued at $3,705,000 after acquiring an additional 2,139 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.

Analysts Set New Price Targets

SBCF has been the topic of several recent research reports. Keefe, Bruyette & Woods boosted their price target on Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday. Zacks Research raised Seacoast Banking Corporation of Florida from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 21st. Raymond James Financial set a $33.00 price objective on Seacoast Banking Corporation of Florida and gave the company an “outperform” rating in a report on Tuesday, October 7th. 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, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF opened at $30.85 on Thursday. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $32.33. The stock’s 50 day moving average is $30.75 and its two-hundred day moving average is $27.95. The firm has a market capitalization of $2.71 billion, a PE ratio of 18.25 and a beta of 0.94. The company has a current ratio of 0.84, a quick ratio of 0.85 and a debt-to-equity ratio of 0.34.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Monday, February 14th. The financial services provider reported $0.55 EPS for the quarter. The business had revenue of $83.85 million for the quarter. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%. Research analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.19 per share. This is a positive change from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.5%. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 44.17%.

About Seacoast Banking Corporation of Florida

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.