Aberdeen Group plc Sells 63,110 Shares of Seacoast Banking Corporation of Florida $SBCF

Aberdeen Group plc lowered its stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 7.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 804,261 shares of the financial services provider’s stock after selling 63,110 shares during the period. Aberdeen Group plc owned approximately 0.92% of Seacoast Banking Corporation of Florida worth $24,474,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in SBCF. Deprince Race & Zollo Inc. raised its holdings in Seacoast Banking Corporation of Florida by 7.2% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 2,148,243 shares of the financial services provider’s stock valued at $65,371,000 after acquiring an additional 143,871 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Seacoast Banking Corporation of Florida by 0.7% during the second quarter. Geode Capital Management LLC now owns 2,072,290 shares of the financial services provider’s stock valued at $57,244,000 after purchasing an additional 14,896 shares during the period. Segall Bryant & Hamill LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 0.5% in the second quarter. Segall Bryant & Hamill LLC now owns 1,927,217 shares of the financial services provider’s stock valued at $53,230,000 after purchasing an additional 10,474 shares in the last quarter. Tributary Capital Management LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 99.4% in the third quarter. Tributary Capital Management LLC now owns 1,459,462 shares of the financial services provider’s stock valued at $44,411,000 after purchasing an additional 727,428 shares in the last quarter. Finally, Brown Advisory Inc. lifted its position in Seacoast Banking Corporation of Florida by 37.3% in the second quarter. Brown Advisory Inc. now owns 1,255,807 shares of the financial services provider’s stock worth $34,685,000 after purchasing an additional 341,241 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Jacqueline Lynette Bradley sold 2,279 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $33.54, for a total transaction of $76,437.66. Following the transaction, the director owned 7,000 shares in the company, valued at $234,780. This represents a 24.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dennis J. Arczynski sold 3,419 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $34.21, for a total transaction of $116,963.99. Following the sale, the director directly owned 1,000 shares in the company, valued at approximately $34,210. This represents a 77.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,117 shares of company stock worth $310,434 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Seacoast Banking Corporation of Florida Price Performance

NASDAQ:SBCF opened at $33.63 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.29 billion, a PE ratio of 21.02 and a beta of 0.93. Seacoast Banking Corporation of Florida has a 12 month low of $21.36 and a 12 month high of $35.55. The company’s 50-day moving average price is $33.06 and its two-hundred day moving average price is $31.40.

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

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.76 dividend on an annualized basis and a yield of 2.3%. Seacoast Banking Corporation of Florida’s payout ratio is currently 47.50%.

Analyst Ratings Changes

SBCF has been the subject of a number of recent research reports. Piper Sandler restated a “neutral” rating and issued a $33.50 price objective on shares of Seacoast Banking Corporation of Florida in a research note on Monday, November 3rd. Keefe, Bruyette & Woods increased their price target on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Zacks Research cut shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $31.90.

About Seacoast Banking Corporation of Florida

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.