Westwood Holdings Group Inc. Increases Holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Westwood Holdings Group Inc. increased its holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 2.8% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,210,657 shares of the financial services provider’s stock after purchasing an additional 88,757 shares during the period. Westwood Holdings Group Inc. owned approximately 3.78% of Seacoast Banking Co. of Florida worth $75,900,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in SBCF. Innealta Capital LLC bought a new stake in Seacoast Banking Co. of Florida in the 2nd quarter worth $55,000. Janney Montgomery Scott LLC increased its holdings in 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 valued at $206,000 after purchasing an additional 460 shares during the period. Dakota Wealth Management lifted its stake in Seacoast Banking Co. of Florida by 16.7% in the second quarter. Dakota Wealth Management now owns 10,515 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 1,507 shares during the period. SG Americas Securities LLC purchased a new position in Seacoast Banking Co. of Florida during the 1st quarter valued at $263,000. Finally, Intech Investment Management LLC bought a new position in Seacoast Banking Co. of Florida in the 2nd quarter worth $263,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Seacoast Banking Co. of Florida Trading Down 2.9 %

Shares of NASDAQ SBCF opened at $27.42 on Friday. The company has a market cap of $2.33 billion, a PE ratio of 19.59 and a beta of 1.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50 day moving average price is $26.83 and its 200-day moving average price is $24.76. Seacoast Banking Co. of Florida has a 52-week low of $19.04 and a 52-week high of $29.98.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. Seacoast Banking Co. of Florida had a return on equity of 5.58% and a net margin of 14.84%. The firm had revenue of $201.99 million for the quarter, compared to the consensus estimate of $126.00 million. During the same period in the prior year, the company posted $0.37 earnings per share. On average, equities research analysts expect that Seacoast Banking Co. of Florida will post 1.44 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

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

Insider Transactions at Seacoast Banking Co. of Florida

In other news, Director Dennis S. Hudson III sold 16,000 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total value of $432,000.00. Following the transaction, the director now owns 234,312 shares in the company, valued at approximately $6,326,424. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

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

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.