Trust Point Inc. Cuts Stock Position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

Trust Point Inc. lessened its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 33.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,165 shares of the financial services provider’s stock after selling 4,138 shares during the period. Trust Point Inc.’s holdings in Seacoast Banking Corporation of Florida were worth $210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBCF. Rhumbline Advisers grew its stake in Seacoast Banking Corporation of Florida by 0.3% in the fourth quarter. Rhumbline Advisers now owns 256,011 shares of the financial services provider’s stock valued at $7,048,000 after purchasing an additional 717 shares during the last quarter. Principal Financial Group Inc. grew its stake in Seacoast Banking Corporation of Florida by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 410,632 shares of the financial services provider’s stock valued at $11,305,000 after purchasing an additional 12,142 shares during the last quarter. CIBC Asset Management Inc grew its stake in Seacoast Banking Corporation of Florida by 6.0% in the fourth quarter. CIBC Asset Management Inc now owns 8,393 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 478 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in Seacoast Banking Corporation of Florida in the fourth quarter valued at about $76,000. Finally, Kestra Investment Management LLC purchased a new position in Seacoast Banking Corporation of Florida in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock opened at $24.85 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.85 and a current ratio of 0.85. Seacoast Banking Corporation of Florida has a fifty-two week low of $21.36 and a fifty-two week high of $31.68. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 16.68 and a beta of 0.92. The stock’s 50-day simple moving average is $24.58 and its 200-day simple moving average is $26.31.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results 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). Seacoast Banking Corporation of Florida had a return on equity of 6.11% and a net margin of 15.44%. The firm had revenue of $140.70 million for the quarter, compared to analyst estimates of $138.41 million. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, equities analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Friday, June 13th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is 48.32%.

Analysts Set New Price Targets

SBCF has been the topic of several analyst reports. Hovde Group lifted their target price on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a “market perform” rating in a research note on Wednesday, June 4th. Keefe, Bruyette & Woods boosted their price target on 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. Stephens dropped their price target 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. Finally, Wall Street Zen lowered 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 issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida currently has a consensus rating of “Hold” and an average price target of $29.20.

Seacoast Banking Corporation of Florida 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.