Seacoast Banking Corporation of Florida $SBCF Shares Sold by Citigroup Inc.

Citigroup Inc. lessened its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 23.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 95,159 shares of the financial services provider’s stock after selling 28,544 shares during the period. Citigroup Inc. owned approximately 0.10% of Seacoast Banking Corporation of Florida worth $2,896,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp raised its holdings in shares of Seacoast Banking Corporation of Florida by 69.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 352 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Seacoast Banking Corporation of Florida by 41.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider’s stock worth $50,000 after buying an additional 478 shares in the last quarter. Caldwell Trust Co acquired a new position in Seacoast Banking Corporation of Florida in the second quarter worth approximately $51,000. Assetmark Inc. grew its position in Seacoast Banking Corporation of Florida by 24.0% in the second quarter. Assetmark Inc. now owns 1,940 shares of the financial services provider’s stock worth $54,000 after buying an additional 375 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 28.1% in the second quarter. First Horizon Advisors Inc. now owns 2,059 shares of the financial services provider’s stock valued at $57,000 after buying an additional 452 shares in the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SBCF shares. Keefe, Bruyette & Woods raised their price objective on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Zacks Research lowered Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $31.90.

Seacoast Banking Corporation of Florida Stock Performance

Shares of Seacoast Banking Corporation of Florida stock opened at $30.29 on Friday. The stock has a market cap of $2.97 billion, a PE ratio of 18.93 and a beta of 0.92. The business has a fifty day simple moving average of $33.02 and a 200-day simple moving average of $31.71. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35. Seacoast Banking Corporation of Florida has a 12 month low of $21.36 and a 12 month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The business had revenue of $204.80 million during the quarter, compared to analysts’ expectations of $201.25 million. During the same period in the prior year, the company posted $0.48 earnings per share. The firm’s revenue was up 53.0% on a year-over-year basis. On average, sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.19 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.76 dividend on an annualized basis and a yield of 2.5%. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 47.50%.

Insider Buying and Selling

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $31.34, for a total value of $250,720.00. Following the transaction, the director directly owned 236,854 shares of the company’s stock, valued at $7,423,004.36. This represents a 3.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Joseph M. Forlenza sold 12,635 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $32.90, for a total value of $415,691.50. Following the sale, the executive vice president directly owned 42,392 shares of the company’s stock, valued at $1,394,696.80. This trade represents a 22.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 29,752 shares of company stock worth $976,846. Insiders own 1.60% of the company’s stock.

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.