State Street Corp Increases Holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

State Street Corp increased its stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF - Free Report) by 0.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,239,308 shares of the financial services provider's stock after purchasing an additional 28,066 shares during the quarter. State Street Corp owned 4.96% of Seacoast Banking Co. of Florida worth $112,978,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SBCF. GAMMA Investing LLC boosted its position in 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 worth $26,000 after purchasing an additional 412 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Seacoast Banking Co. of Florida in the 2nd quarter worth about $55,000. KBC Group NV boosted its position in shares of Seacoast Banking Co. of Florida by 30.0% in the 3rd quarter. KBC Group NV now owns 3,326 shares of the financial services provider's stock worth $89,000 after buying an additional 768 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Seacoast Banking Co. of Florida in the 3rd quarter valued at about $121,000. Finally, FMR LLC increased its holdings in Seacoast Banking Co. of Florida by 57.3% during the 3rd quarter. FMR LLC now owns 5,382 shares of the financial services provider's stock valued at $143,000 after acquiring an additional 1,960 shares in the last quarter. Institutional investors and hedge funds 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 firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $30.36, for a total value of $645,301.80. Following the transaction, the chief executive officer now directly owns 126,232 shares in the company, valued at $3,832,403.52. This trade represents a 14.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is currently owned by insiders.

Seacoast Banking Co. of Florida Trading Up 1.0 %

SBCF traded up $0.28 during trading on Monday, hitting $29.17. The company's stock had a trading volume of 320,284 shares, compared to its average volume of 408,219. Seacoast Banking Co. of Florida has a twelve month low of $21.90 and a twelve month high of $31.68. The stock has a market cap of $2.49 billion, a PE ratio of 21.14 and a beta of 1.08. The firm's 50 day moving average price is $28.57 and its 200-day moving average price is $26.60. 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 (NASDAQ:SBCF - Get Free Report) last released its 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 firm 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 revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.37 earnings per share. On average, analysts expect 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.47%. The ex-dividend date is Friday, December 13th. Seacoast Banking Co. of Florida's dividend payout ratio (DPR) is 52.17%.

Wall Street Analysts Forecast Growth

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

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.