Commerce Bank Trims Stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Commerce Bank lessened its position in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 3.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,340 shares of the financial services provider’s stock after selling 480 shares during the quarter. Commerce Bank’s holdings in Seacoast Banking Co. of Florida were worth $382,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SBCF. GAMMA Investing LLC lifted its stake in Seacoast Banking Co. of Florida by 73.4% in the third quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 412 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Seacoast Banking Co. of Florida by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 74,241 shares of the financial services provider’s stock worth $1,755,000 after acquiring an additional 438 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Seacoast Banking Co. of Florida by 1.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock valued at $1,000,000 after acquiring an additional 500 shares during the period. Trust Point Inc. grew its position in Seacoast Banking Co. of Florida by 2.8% in the 3rd quarter. Trust Point Inc. now owns 22,903 shares of the financial services provider’s stock valued at $610,000 after acquiring an additional 617 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Seacoast Banking Co. of Florida by 1.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 49,698 shares of the financial services provider’s stock valued at $1,324,000 after acquiring an additional 659 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SBCF has been the subject of a number of recent analyst reports. Stephens boosted their target price on shares of Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, October 28th. Truist Financial lowered their price objective on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $28.70.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 21,255 shares of Seacoast Banking Co. of Florida stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $30.36, for a total value of $645,301.80. Following the transaction, the chief executive officer now owns 126,232 shares in the company, valued at $3,832,403.52. The trade was a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.50% of the company’s stock.

Seacoast Banking Co. of Florida Stock Performance

SBCF stock opened at $30.37 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. Seacoast Banking Co. of Florida has a 1-year low of $21.90 and a 1-year high of $31.68. The business has a 50-day moving average price of $27.63 and a 200 day moving average price of $25.95. The company has a market capitalization of $2.59 billion, a P/E ratio of 22.01 and a beta of 1.07.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The business had revenue of $130.30 million during the quarter, compared to analyst estimates of $129.20 million. During the same quarter in the previous year, the business posted $0.37 EPS. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, equities research analysts forecast that Seacoast Banking Co. of Florida will post 1.41 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.37%. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 52.17%.

Seacoast Banking Co. of Florida Profile

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.