Lord Abbett & CO. LLC Has $4.37 Million Stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Lord Abbett & CO. LLC lowered its position in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 55.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 163,830 shares of the financial services provider’s stock after selling 203,777 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Seacoast Banking Co. of Florida were worth $4,366,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. F M Investments LLC bought a new stake in shares of Seacoast Banking Co. of Florida in the 2nd quarter valued at about $7,601,000. Wellington Management Group LLP raised its stake in Seacoast Banking Co. of Florida by 7.9% in the third quarter. Wellington Management Group LLP now owns 4,170,515 shares of the financial services provider’s stock valued at $111,144,000 after buying an additional 305,843 shares during the period. abrdn plc lifted its position in shares of Seacoast Banking Co. of Florida by 10.9% in the third quarter. abrdn plc now owns 1,122,478 shares of the financial services provider’s stock valued at $29,914,000 after buying an additional 110,582 shares during the last quarter. First Eagle Investment Management LLC lifted its position in shares of Seacoast Banking Co. of Florida by 19.9% in the second quarter. First Eagle Investment Management LLC now owns 628,351 shares of the financial services provider’s stock valued at $14,854,000 after buying an additional 104,400 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Seacoast Banking Co. of Florida by 112.0% during the 3rd quarter. Barclays PLC now owns 178,355 shares of the financial services provider’s stock worth $4,754,000 after acquiring an additional 94,242 shares during the period. Institutional investors own 81.77% of the company’s stock.

Analyst Upgrades and Downgrades

SBCF has been the subject of several research reports. Truist Financial cut their price target on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a report on Monday, October 28th. Stephens raised their target price on shares of Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $31.00 price target on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $28.70.

Seacoast Banking Co. of Florida Stock Up 1.0 %

SBCF stock opened at $29.17 on Tuesday. Seacoast Banking Co. of Florida has a fifty-two week low of $21.90 and a fifty-two week high of $31.68. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 21.14 and a beta of 1.08. The business’s fifty day moving average price is $28.57 and its two-hundred day moving average price is $26.60.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released 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. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The business had revenue of $130.30 million for the quarter, compared to analyst estimates of $129.20 million. During the same period last year, the firm earned $0.37 earnings per share. Seacoast Banking Co. of Florida’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities analysts anticipate that Seacoast Banking Co. of Florida will post 1.41 earnings per share for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.18 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. Seacoast Banking Co. of Florida’s payout ratio is 52.17%.

Insider Activity at Seacoast Banking Co. of Florida

In other news, CEO Charles M. Shaffer sold 21,255 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $30.36, for a total transaction of $645,301.80. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

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.