Principal Financial Group Inc. Sells 16,744 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Principal Financial Group Inc. reduced its holdings in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 4.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 398,490 shares of the financial services provider’s stock after selling 16,744 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of Seacoast Banking Co. of Florida worth $10,620,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SBCF. State Street Corp increased its position in shares of Seacoast Banking Co. of Florida by 0.7% during the 3rd quarter. State Street Corp now owns 4,239,308 shares of the financial services provider’s stock valued at $112,978,000 after purchasing an additional 28,066 shares during the last quarter. Wellington Management Group LLP increased its holdings in Seacoast Banking Co. of Florida by 7.9% during the third quarter. Wellington Management Group LLP now owns 4,170,515 shares of the financial services provider’s stock worth $111,144,000 after buying an additional 305,843 shares during the last quarter. Westwood Holdings Group Inc. raised its position in Seacoast Banking Co. of Florida by 2.8% in the second quarter. Westwood Holdings Group Inc. now owns 3,210,657 shares of the financial services provider’s stock worth $75,900,000 after acquiring an additional 88,757 shares during the period. Dimensional Fund Advisors LP boosted its stake in Seacoast Banking Co. of Florida by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,001,292 shares of the financial services provider’s stock valued at $70,949,000 after acquiring an additional 27,287 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Seacoast Banking Co. of Florida by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,024,351 shares of the financial services provider’s stock valued at $53,959,000 after acquiring an additional 23,396 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Charles M. Shaffer sold 21,255 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $30.36, for a total value of $645,301.80. Following the transaction, the chief executive officer now owns 126,232 shares of the company’s stock, valued at approximately $3,832,403.52. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Seacoast Banking Co. of Florida Stock Up 0.2 %

SBCF opened at $27.32 on Tuesday. The company has a 50 day moving average of $28.68 and a 200 day moving average of $26.92. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. Seacoast Banking Co. of Florida has a 12 month low of $21.90 and a 12 month high of $31.68. The company has a market cap of $2.33 billion, a PE ratio of 19.80 and a beta of 1.08.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. The firm had revenue of $130.30 million during the quarter, compared to analyst estimates 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 business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the company earned $0.37 earnings per share. On average, sell-side 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. Investors of record on Friday, December 13th will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, December 13th. This represents a $0.72 annualized dividend and a yield of 2.64%. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 52.17%.

Wall Street Analyst Weigh In

A number of research firms recently commented on SBCF. Truist Financial lowered their price target on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Stephens boosted their target price on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, October 28th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $28.70.

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.