Global Trust Asset Management LLC Grows Position in Seacoast Banking Corporation of Florida $SBCF

Global Trust Asset Management LLC grew its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 22,887.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 83,445 shares of the financial services provider’s stock after acquiring an additional 83,082 shares during the quarter. Seacoast Banking Corporation of Florida accounts for 1.1% of Global Trust Asset Management LLC’s portfolio, making the stock its 19th biggest holding. Global Trust Asset Management LLC owned approximately 0.09% of Seacoast Banking Corporation of Florida worth $2,539,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SBCF. FJ Capital Management LLC increased its position in Seacoast Banking Corporation of Florida by 194.6% in the second quarter. FJ Capital Management LLC now owns 1,154,434 shares of the financial services provider’s stock worth $31,885,000 after purchasing an additional 762,505 shares during the last quarter. Tributary Capital Management LLC grew its stake in shares of Seacoast Banking Corporation of Florida by 99.4% in the 3rd quarter. Tributary Capital Management LLC now owns 1,459,462 shares of the financial services provider’s stock worth $44,411,000 after buying an additional 727,428 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 37.3% in the 2nd quarter. Brown Advisory Inc. now owns 1,255,807 shares of the financial services provider’s stock worth $34,685,000 after buying an additional 341,241 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Seacoast Banking Corporation of Florida by 38.1% during the 2nd quarter. Schroder Investment Management Group now owns 844,202 shares of the financial services provider’s stock valued at $23,317,000 after buying an additional 232,979 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the 1st quarter valued at about $4,817,000. 81.77% of the stock is currently owned by institutional investors.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock opened at $34.02 on Friday. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $34.07. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market capitalization of $3.33 billion, a P/E ratio of 20.13 and a beta of 0.92. The stock has a 50 day moving average price of $31.78 and a 200 day moving average price of $30.57.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Monday, October 27th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.47 by $0.05. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%.The company had revenue of $158.57 million for the quarter, compared to the consensus estimate of $154.84 million. During the same quarter in the prior year, the company posted $0.36 EPS. Seacoast Banking Corporation of Florida’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts predict 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 business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.19 dividend. The ex-dividend date was Monday, December 15th. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is currently 44.97%.

Analysts Set New Price Targets

Several brokerages have weighed in on SBCF. Keefe, Bruyette & Woods boosted their price objective on Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Raymond James Financial set a $33.00 target price on Seacoast Banking Corporation of Florida and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Zacks Research lowered Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Piper Sandler restated a “neutral” rating and issued a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a research report on Monday, November 3rd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida currently has a consensus rating of “Hold” and a consensus target price of $31.50.

Insider Buying and Selling

In related news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $31.13, for a total transaction of $249,040.00. Following the completion of the sale, the director owned 251,275 shares in the company, valued at $7,822,190.75. This trade represents a 3.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

Seacoast Banking Corporation of Florida Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.