Franklin Resources Inc. Sells 341,187 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Franklin Resources Inc. decreased its holdings in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF - Free Report) by 11.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,581,591 shares of the financial services provider's stock after selling 341,187 shares during the period. Franklin Resources Inc. owned 3.02% of Seacoast Banking Co. of Florida worth $69,935,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SBCF. GAMMA Investing LLC increased its stake in shares of Seacoast Banking Co. of Florida by 73.4% during the third 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 period. Innealta Capital LLC bought a new stake in Seacoast Banking Co. of Florida in the second quarter valued at $55,000. KBC Group NV increased its position in Seacoast Banking Co. of Florida by 30.0% during the 3rd quarter. KBC Group NV now owns 3,326 shares of the financial services provider's stock valued at $89,000 after purchasing an additional 768 shares during the period. Meeder Asset Management Inc. bought a new position in Seacoast Banking Co. of Florida in the 3rd quarter worth $121,000. Finally, FMR LLC lifted its position in shares of Seacoast Banking Co. of Florida by 57.3% in the 3rd quarter. FMR LLC now owns 5,382 shares of the financial services provider's stock worth $143,000 after purchasing an additional 1,960 shares during the period. Institutional investors own 81.77% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $31.00 price target on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Stephens upped their target price on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Monday, October 28th. Finally, Truist Financial lowered their target price on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a "hold" rating for the company in a research note on Monday, October 28th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Seacoast Banking Co. of Florida presently has a consensus rating of "Hold" and an average target price of $28.70.

Seacoast Banking Co. of Florida Stock Down 3.3 %

SBCF traded down $0.95 during midday trading on Tuesday, reaching $28.22. The company's stock had a trading volume of 460,919 shares, compared to its average volume of 408,435. Seacoast Banking Co. of Florida has a 1 year low of $21.90 and a 1 year high of $31.68. The stock's 50-day moving average is $28.57 and its 200-day moving average is $26.60. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 20.45 and a beta of 1.08. 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 (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. The company had revenue of $130.30 million for 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 quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.37 EPS. 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 Announces Dividend

The business 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. This represents a $0.72 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Friday, December 13th. Seacoast Banking Co. of Florida's dividend payout ratio is presently 52.17%.

Insider Buying and Selling

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 21,255 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 126,232 shares in the company, valued at approximately $3,832,403.52. This trade represents a 14.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by company 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.