Truist Financial Corp Lowers Stock Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Truist Financial Corp reduced its stake in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 50.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,897 shares of the financial services provider’s stock after selling 17,383 shares during the period. Truist Financial Corp’s holdings in Seacoast Banking Co. of Florida were worth $399,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Seacoast Banking Co. of Florida by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 6,285,087 shares of the financial services provider’s stock valued at $159,578,000 after buying an additional 254,887 shares in the last quarter. Westwood Holdings Group Inc. raised its stake in Seacoast Banking Co. of Florida by 2.8% during the 2nd quarter. Westwood Holdings Group Inc. now owns 3,210,657 shares of the financial services provider’s stock valued at $75,900,000 after purchasing an additional 88,757 shares during the period. Dimensional Fund Advisors LP raised its stake in Seacoast Banking Co. of Florida by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,001,292 shares of the financial services provider’s stock valued at $70,949,000 after purchasing an additional 27,287 shares during the period. Deprince Race & Zollo Inc. raised its stake in Seacoast Banking Co. of Florida by 4.7% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,689,888 shares of the financial services provider’s stock valued at $39,949,000 after purchasing an additional 76,001 shares during the period. Finally, William Blair Investment Management LLC raised its stake 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 purchasing an additional 226,132 shares during the period. 81.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial lifted 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. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. Finally, Hovde Group downgraded Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $29.00 to $31.00 in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.88.

Seacoast Banking Co. of Florida Stock Performance

NASDAQ:SBCF opened at $28.43 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. Seacoast Banking Co. of Florida has a 1 year low of $19.04 and a 1 year high of $29.98. The stock’s 50 day simple moving average is $26.54 and its two-hundred day simple moving average is $24.98. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 20.45 and a beta of 1.07.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.36 earnings per share (EPS) 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 business had revenue of $201.99 million for the quarter, compared to the consensus estimate of $126.00 million. During the same quarter in the previous year, the company posted $0.37 EPS. As a group, equities analysts anticipate that Seacoast Banking Co. of Florida will post 1.43 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Friday, September 13th. Seacoast Banking Co. of Florida’s payout ratio is 51.80%.

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.