Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Shares Sold by Brown Advisory Inc.

Brown Advisory Inc. lessened its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 1.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 914,566 shares of the financial services provider’s stock after selling 12,857 shares during the period. Brown Advisory Inc.’s holdings in Seacoast Banking Corporation of Florida were worth $23,532,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of SBCF. Envestnet Asset Management Inc. increased its stake in shares of Seacoast Banking Corporation of Florida by 1.5% in the first quarter. Envestnet Asset Management Inc. now owns 143,979 shares of the financial services provider’s stock worth $3,705,000 after acquiring an additional 2,139 shares during the period. Principal Financial Group Inc. lifted its position in Seacoast Banking Corporation of Florida by 2.8% during the first quarter. Principal Financial Group Inc. now owns 422,306 shares of the financial services provider’s stock valued at $10,866,000 after purchasing an additional 11,674 shares during the period. Teacher Retirement System of Texas purchased a new stake in Seacoast Banking Corporation of Florida in the first quarter valued at $410,000. Illinois Municipal Retirement Fund grew its position in Seacoast Banking Corporation of Florida by 4.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 47,334 shares of the financial services provider’s stock worth $1,218,000 after purchasing an additional 1,826 shares during the period. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Seacoast Banking Corporation of Florida during the 1st quarter valued at about $27,000. Institutional investors and hedge funds own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ SBCF opened at $29.04 on Thursday. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 19.49 and a beta of 0.94. The stock has a 50-day moving average of $25.93 and a 200 day moving average of $26.17. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.26. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $31.68.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.02). The business had revenue of $140.70 million during the quarter, compared to analysts’ expectations of $138.41 million. Seacoast Banking Corporation of Florida had a net margin of 15.44% and a return on equity of 6.11%. The business’s revenue was up 12.0% compared to the same quarter last year. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend was Friday, June 13th. Seacoast Banking Corporation of Florida’s payout ratio is presently 48.32%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Stephens lowered their target price on Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Monday, April 28th. Hovde Group upped their price objective on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the stock a “market perform” rating in a research report on Wednesday, June 4th. Keefe, Bruyette & Woods raised their price objective on shares of Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Finally, Wall Street Zen cut shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $29.20.

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.