Citigroup Inc. Has $4.21 Million Stock Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Citigroup Inc. increased its stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 14.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 157,927 shares of the financial services provider’s stock after buying an additional 20,122 shares during the quarter. Citigroup Inc. owned approximately 0.18% of Seacoast Banking Co. of Florida worth $4,209,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of Seacoast Banking Co. of Florida by 73.4% in the 3rd quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock valued at $26,000 after buying an additional 412 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in Seacoast Banking Co. of Florida by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 74,241 shares of the financial services provider’s stock valued at $1,755,000 after acquiring an additional 438 shares during the period. Louisiana State Employees Retirement System raised its stake in Seacoast Banking Co. of Florida by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock valued at $1,000,000 after acquiring an additional 500 shares during the period. Trust Point Inc. raised its stake in Seacoast Banking Co. of Florida by 2.8% in the 3rd quarter. Trust Point Inc. now owns 22,903 shares of the financial services provider’s stock valued at $610,000 after acquiring an additional 617 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Seacoast Banking Co. of Florida by 1.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 49,698 shares of the financial services provider’s stock valued at $1,324,000 after acquiring an additional 659 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.

Seacoast Banking Co. of Florida Price Performance

Seacoast Banking Co. of Florida stock opened at $29.70 on Wednesday. The firm has a market cap of $2.54 billion, a P/E ratio of 21.52 and a beta of 1.08. The stock’s 50 day moving average is $27.95 and its 200 day moving average is $26.20. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. Seacoast Banking Co. of Florida has a one year low of $21.90 and a one year high of $31.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. The business had revenue of $130.30 million during the quarter, compared to the consensus estimate of $129.20 million. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 earnings per share. As a group, research analysts expect that Seacoast Banking Co. of Florida will post 1.41 EPS for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 2.42%. Seacoast Banking Co. of Florida’s dividend payout ratio is 52.17%.

Insider Activity

In related news, CEO Charles M. Shaffer sold 21,255 shares of Seacoast Banking Co. of Florida stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $30.36, for a total transaction of $645,301.80. Following the transaction, the chief executive officer now owns 126,232 shares of the company’s stock, valued at $3,832,403.52. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

SBCF has been the topic of several recent research reports. Truist Financial lowered their price objective on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Stephens increased their price objective on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $31.00 price target on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.70.

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.