First Eagle Investment Management LLC Has $14.85 Million Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

First Eagle Investment Management LLC boosted its position in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 19.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 628,351 shares of the financial services provider’s stock after buying an additional 104,400 shares during the quarter. First Eagle Investment Management LLC owned approximately 0.74% of Seacoast Banking Co. of Florida worth $14,854,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Westwood Holdings Group Inc. raised its position in shares of Seacoast Banking Co. of Florida by 15.3% during the first quarter. Westwood Holdings Group Inc. now owns 3,121,900 shares of the financial services provider’s stock worth $79,265,000 after acquiring an additional 414,037 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Seacoast Banking Co. of Florida in the 4th quarter valued at about $10,179,000. Franklin Resources Inc. boosted its stake in shares of Seacoast Banking Co. of Florida by 20.6% in the 4th quarter. Franklin Resources Inc. now owns 2,047,145 shares of the financial services provider’s stock valued at $58,262,000 after purchasing an additional 349,147 shares during the last quarter. F M Investments LLC acquired a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter worth approximately $7,601,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Seacoast Banking Co. of Florida by 11.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,980,072 shares of the financial services provider’s stock worth $84,814,000 after buying an additional 310,499 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors.

Seacoast Banking Co. of Florida Stock Performance

SBCF opened at $27.37 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 19.55 and a beta of 1.08. Seacoast Banking Co. of Florida has a 1 year low of $19.04 and a 1 year high of $29.98. The business’s 50-day moving average price is $26.74 and its two-hundred day moving average price is $24.71.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.02. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. The company had revenue of $201.99 million during the quarter, compared to analysts’ expectations of $126.00 million. During the same period last year, the business earned $0.37 EPS. Equities analysts expect that Seacoast Banking Co. of Florida will post 1.44 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.72 annualized dividend and a yield of 2.63%. Seacoast Banking Co. of Florida’s payout ratio is currently 51.43%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SBCF shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. Truist Financial boosted their target price on Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Finally, Hovde Group cut Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $29.00 to $31.00 in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $29.88.

Insiders Place Their Bets

In related news, Director Dennis S. Hudson III sold 16,000 shares of Seacoast Banking Co. of Florida stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $27.00, for a total value of $432,000.00. Following the sale, the director now owns 234,312 shares of the company’s stock, valued at $6,326,424. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.50% of the company’s stock.

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.