Royal Bank of Canada Reduces Stock Position in Seacoast Banking Corporation of Florida $SBCF

Royal Bank of Canada lowered its position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 23.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 89,699 shares of the financial services provider’s stock after selling 26,775 shares during the quarter. Royal Bank of Canada’s holdings in Seacoast Banking Corporation of Florida were worth $2,717,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in SBCF. Aster Capital Management DIFC Ltd purchased a new position in shares of Seacoast Banking Corporation of Florida in the fourth quarter valued at about $26,000. Salomon & Ludwin LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida by 59.3% during the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 356 shares during the period. Measured Wealth Private Client Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the third quarter worth about $33,000. Advisory Services Network LLC bought a new stake in shares of Seacoast Banking Corporation of Florida in the third quarter worth about $45,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth about $50,000. Institutional investors own 81.77% of the company’s stock.

Insider Transactions at Seacoast Banking Corporation of Florida

In other news, Director Dennis S. Hudson III sold 4,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total value of $136,000.00. Following the transaction, the director directly owned 216,854 shares in the company, valued at $7,373,036. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.50% of the company’s stock.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ SBCF opened at $36.13 on Monday. Seacoast Banking Corporation of Florida has a fifty-two week low of $27.96 and a fifty-two week high of $36.18. The company has a 50 day simple moving average of $33.16 and a two-hundred day simple moving average of $32.08. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 23.01 and a beta of 0.85. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $209.99 million during the quarter, compared to the consensus estimate of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. Analysts expect that Seacoast Banking Corporation of Florida will post 2.55 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 Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.19 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.76 annualized dividend and a yield of 2.1%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is currently 48.41%.

Analysts Set New Price Targets

A number of research firms have commented on SBCF. Wall Street Zen raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Piper Sandler lifted their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida has a consensus rating of “Moderate Buy” and an average target price of $35.50.

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.