Meeder Asset Management Inc. Acquires Shares of 4,554 Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Meeder Asset Management Inc. acquired a new stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 4,554 shares of the financial services provider’s stock, valued at approximately $121,000.

Several other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Seacoast Banking Co. of Florida by 73.4% during the 3rd 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 period. Innealta Capital LLC acquired a new position in shares of Seacoast Banking Co. of Florida during the 2nd quarter worth $55,000. KBC Group NV grew its stake in shares of Seacoast Banking Co. of Florida by 30.0% during the 3rd quarter. KBC Group NV now owns 3,326 shares of the financial services provider’s stock worth $89,000 after purchasing an additional 768 shares during the period. CIBC Asset Management Inc acquired a new position in shares of Seacoast Banking Co. of Florida during the 3rd quarter worth $211,000. Finally, Janney Montgomery Scott LLC grew its stake in shares of Seacoast Banking Co. of Florida by 6.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 460 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SBCF. Hovde Group cut shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $29.00 to $31.00 in a research note on Monday, July 29th. Stephens boosted their price objective on shares of Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, October 28th. Truist Financial decreased their price objective on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Three investment 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.com, Seacoast Banking Co. of Florida has an average rating of “Hold” and a consensus price target of $28.70.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other news, CEO Charles M. Shaffer sold 21,255 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.36, for a total transaction of $645,301.80. Following the transaction, the chief executive officer now directly owns 126,232 shares in the company, valued at $3,832,403.52. This represents a 14.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.50% of the stock is owned by insiders.

Seacoast Banking Co. of Florida Price Performance

NASDAQ:SBCF opened at $29.26 on Thursday. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 21.20 and a beta of 1.07. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average is $27.41 and its two-hundred day moving average is $25.81. Seacoast Banking Co. of Florida has a 12-month low of $21.90 and a 12-month high of $30.78.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. The company had revenue of $130.30 million for the quarter, compared to analyst estimates of $129.20 million. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 EPS. Research analysts expect that Seacoast Banking Co. of Florida will post 1.42 EPS for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The company 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 $0.18 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.46%. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is 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.