Russell Investments Group Ltd. Grows Holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Russell Investments Group Ltd. boosted its holdings in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 70.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 375,529 shares of the financial services provider’s stock after purchasing an additional 155,776 shares during the period. Russell Investments Group Ltd. owned approximately 0.44% of Seacoast Banking Co. of Florida worth $10,688,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of SBCF. Wellington Management Group LLP lifted its position in Seacoast Banking Co. of Florida by 31.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,597,739 shares of the financial services provider’s stock worth $100,966,000 after acquiring an additional 1,106,724 shares during the period. abrdn plc lifted its holdings in shares of Seacoast Banking Co. of Florida by 40.7% during the third quarter. abrdn plc now owns 1,212,652 shares of the financial services provider’s stock worth $26,630,000 after purchasing an additional 350,726 shares during the period. First Eagle Investment Management LLC lifted its holdings in shares of Seacoast Banking Co. of Florida by 67.5% during the third quarter. First Eagle Investment Management LLC now owns 350,918 shares of the financial services provider’s stock worth $7,706,000 after purchasing an additional 141,403 shares during the period. Schroder Investment Management Group grew its position in Seacoast Banking Co. of Florida by 20.0% in the 3rd quarter. Schroder Investment Management Group now owns 500,425 shares of the financial services provider’s stock valued at $10,989,000 after buying an additional 83,377 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in Seacoast Banking Co. of Florida by 21.0% in the 3rd quarter. Lord Abbett & CO. LLC now owns 358,614 shares of the financial services provider’s stock valued at $7,875,000 after buying an additional 62,300 shares during the period. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Seacoast Banking Co. of Florida Trading Up 0.9 %

Shares of SBCF opened at $24.12 on Monday. The firm’s 50-day moving average is $23.94 and its two-hundred day moving average is $24.53. Seacoast Banking Co. of Florida has a twelve month low of $17.93 and a twelve month high of $29.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $2.05 billion, a P/E ratio of 17.23 and a beta of 1.17.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.72 annualized dividend and a yield of 2.99%. Seacoast Banking Co. of Florida’s dividend payout ratio is presently 51.43%.

Analysts Set New Price Targets

Several research firms have recently commented on SBCF. Hovde Group reduced their target price on shares of Seacoast Banking Co. of Florida from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Truist Financial lowered their price objective on Seacoast Banking Co. of Florida from $27.00 to $25.00 and set a “hold” rating on the stock in a report on Monday, April 29th. Keefe, Bruyette & Woods cut their target price on Seacoast Banking Co. of Florida from $28.00 to $26.00 and set a “market perform” rating for the company in a research note on Thursday. Finally, Raymond James raised their price target on Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the company an “outperform” rating in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $26.10.

Seacoast Banking Co. of Florida Company 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.