Envestnet Asset Management Inc. Purchases 62,650 Shares of Seacoast Banking Corporation of Florida $SBCF

Envestnet Asset Management Inc. increased its position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 43.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 206,629 shares of the financial services provider’s stock after acquiring an additional 62,650 shares during the quarter. Envestnet Asset Management Inc. owned about 0.24% of Seacoast Banking Corporation of Florida worth $5,707,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D raised its holdings in Seacoast Banking Corporation of Florida by 10.4% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 76,532 shares of the financial services provider’s stock worth $2,114,000 after purchasing an additional 7,220 shares during the last quarter. Tributary Capital Management LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 15.6% during the second quarter. Tributary Capital Management LLC now owns 732,034 shares of the financial services provider’s stock worth $20,219,000 after buying an additional 98,900 shares during the last quarter. CWM LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 170.2% during the second quarter. CWM LLC now owns 7,121 shares of the financial services provider’s stock worth $197,000 after buying an additional 4,486 shares during the last quarter. Moseley Investment Management Inc. acquired a new position in Seacoast Banking Corporation of Florida in the second quarter valued at approximately $335,000. Finally, KLP Kapitalforvaltning AS boosted its stake in Seacoast Banking Corporation of Florida by 12.9% in the second quarter. KLP Kapitalforvaltning AS now owns 18,400 shares of the financial services provider’s stock valued at $508,000 after acquiring an additional 2,100 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF opened at $30.80 on Thursday. The stock has a 50 day simple moving average of $30.72 and a 200 day simple moving average of $28.48. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $32.33. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.85 and a current ratio of 0.84. The firm has a market capitalization of $3.01 billion, a PE ratio of 18.22 and a beta of 1.01.

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

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.76 annualized dividend and a yield of 2.5%. This is an increase from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. Seacoast Banking Corporation of Florida’s payout ratio is presently 44.97%.

Wall Street Analyst Weigh In

Several brokerages have commented on SBCF. Keefe, Bruyette & Woods upped their target price on shares of Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. 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. Zacks Research upgraded Seacoast Banking Corporation of Florida from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Seacoast Banking Corporation of Florida currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.50.

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of the stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $31.13, for a total transaction of $249,040.00. Following the completion of the transaction, the director owned 251,275 shares in the company, valued at approximately $7,822,190.75. This represents a 3.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

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.