State of New Jersey Common Pension Fund D Sells 33,552 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

State of New Jersey Common Pension Fund D trimmed its holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 28.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 83,252 shares of the financial services provider’s stock after selling 33,552 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.10% of Seacoast Banking Co. of Florida worth $1,968,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sei Investments Co. increased its stake in Seacoast Banking Co. of Florida by 63.8% in the first quarter. Sei Investments Co. now owns 205,996 shares of the financial services provider’s stock worth $5,230,000 after purchasing an additional 80,220 shares during the period. GSA Capital Partners LLP bought a new stake in Seacoast Banking Co. of Florida during the 1st quarter valued at about $1,325,000. William Blair Investment Management LLC lifted its holdings in 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 buying an additional 226,132 shares in the last quarter. Russell Investments Group Ltd. boosted its position in 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 buying an additional 89,744 shares during the period. Finally, Schroder Investment Management Group grew its stake in Seacoast Banking Co. of Florida by 10.2% in the 4th quarter. Schroder Investment Management Group now owns 551,327 shares of the financial services provider’s stock worth $15,691,000 after acquiring an additional 50,902 shares in the last quarter. 81.77% of the stock is owned by institutional investors.

Insider Transactions at Seacoast Banking Co. of Florida

In related 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 transaction of $432,000.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $29.00 to $31.00 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Finally, Truist Financial increased their price target on Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. One research 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 company currently has a consensus rating of “Hold” and a consensus target price of $29.88.

Seacoast Banking Co. of Florida Stock Down 2.9 %

Seacoast Banking Co. of Florida stock opened at $27.42 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.33 billion, a P/E ratio of 19.59 and a beta of 1.08. The business has a fifty day moving average of $26.83 and a two-hundred day moving average of $24.76. Seacoast Banking Co. of Florida has a twelve month low of $19.04 and a twelve month high of $29.98.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.36 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $126.00 million. During the same period in the prior year, the business posted $0.37 EPS. On average, analysts forecast that Seacoast Banking Co. of Florida will post 1.44 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Announces Dividend

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 $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Friday, September 13th. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 51.43%.

Seacoast Banking Co. of Florida 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.