abrdn plc Raises Stock Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

abrdn plc raised its holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 10.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,122,478 shares of the financial services provider’s stock after purchasing an additional 110,582 shares during the quarter. abrdn plc owned 1.32% of Seacoast Banking Co. of Florida worth $29,914,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sei Investments Co. raised its position in Seacoast Banking Co. of Florida by 63.8% during the first quarter. Sei Investments Co. now owns 205,996 shares of the financial services provider’s stock valued at $5,230,000 after acquiring an additional 80,220 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Seacoast Banking Co. of Florida during the 1st quarter worth approximately $1,325,000. William Blair Investment Management LLC increased its holdings in shares of Seacoast Banking Co. of Florida by 24.0% during the 1st quarter. William Blair Investment Management LLC now owns 1,170,146 shares of the financial services provider’s stock valued at $29,710,000 after purchasing an additional 226,132 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Seacoast Banking Co. of Florida by 23.9% in the 1st quarter. Russell Investments Group Ltd. now owns 465,273 shares of the financial services provider’s stock valued at $11,813,000 after purchasing an additional 89,744 shares during the period. Finally, F M Investments LLC purchased a new stake in Seacoast Banking Co. of Florida during the second quarter worth $7,601,000. 81.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on SBCF. Hovde Group cut shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $29.00 to $31.00 in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $31.00 price target on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Stephens raised their price objective on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Truist Financial reduced their target price on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $28.70.

Seacoast Banking Co. of Florida Price Performance

NASDAQ:SBCF opened at $27.34 on Thursday. The firm has a market cap of $2.32 billion, a P/E ratio of 19.81 and a beta of 1.07. The stock has a 50 day moving average of $26.79 and a two-hundred day moving average of $25.20. Seacoast Banking Co. of Florida has a 12 month low of $19.90 and a 12 month high of $29.98. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings data 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 return on equity of 5.44% and a net margin of 14.55%. The firm had revenue of $130.30 million during the quarter, compared to the consensus estimate of $129.20 million. During the same period in the prior year, the company earned $0.37 EPS. The firm’s revenue was up 5.5% compared to the same quarter last year. On average, analysts expect that Seacoast Banking Co. of Florida will post 1.43 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.18 per share. The ex-dividend date is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.63%. Seacoast Banking Co. of Florida’s payout ratio is presently 52.17%.

About Seacoast Banking Co. of Florida

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.