State of New Jersey Common Pension Fund D Sells 10,912 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

State of New Jersey Common Pension Fund D lowered its position in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 13.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 72,340 shares of the financial services provider’s stock after selling 10,912 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Seacoast Banking Co. of Florida were worth $1,928,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. F M Investments LLC increased its holdings in shares of Seacoast Banking Co. of Florida by 1.4% in the third quarter. F M Investments LLC now owns 326,027 shares of the financial services provider’s stock worth $8,688,000 after buying an additional 4,490 shares during the period. Ceredex Value Advisors LLC boosted its position in shares of Seacoast Banking Co. of Florida by 24.2% in the 3rd quarter. Ceredex Value Advisors LLC now owns 470,954 shares of the financial services provider’s stock worth $12,551,000 after purchasing an additional 91,900 shares in the last quarter. abrdn plc lifted its position in Seacoast Banking Co. of Florida by 10.9% in the 3rd quarter. abrdn plc now owns 1,122,478 shares of the financial services provider’s stock valued at $29,914,000 after acquiring an additional 110,582 shares in the last quarter. Xcel Wealth Management LLC purchased a new stake in Seacoast Banking Co. of Florida during the 3rd quarter valued at $223,000. Finally, Wealth Effects LLC raised its stake in Seacoast Banking Co. of Florida by 10.4% during the 3rd quarter. Wealth Effects LLC now owns 25,550 shares of the financial services provider’s stock valued at $681,000 after buying an additional 2,400 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Wall Street Analyst Weigh In

SBCF has been the subject of several analyst reports. Stephens upped 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 note on Monday, October 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and increased their price target for the company from $29.00 to $31.00 in a report on Monday, July 29th. Finally, Truist Financial decreased their price objective on shares of 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 equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $28.70.

Insider Activity at Seacoast Banking Co. of Florida

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 shares were sold at an average price of $30.36, for a total transaction of $645,301.80. Following the transaction, the chief executive officer now directly owns 126,232 shares of the company’s stock, valued at $3,832,403.52. This trade represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.50% of the stock is currently owned by corporate insiders.

Seacoast Banking Co. of Florida Stock Performance

Shares of NASDAQ:SBCF opened at $29.50 on Monday. The firm has a market cap of $2.52 billion, a PE ratio of 21.38 and a beta of 1.07. The firm’s 50 day simple moving average is $27.23 and its 200-day simple moving average is $25.72. Seacoast Banking Co. of Florida has a one year low of $21.23 and a one year high of $30.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. The company had revenue of $130.30 million for the quarter, compared to analyst estimates of $129.20 million. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. Seacoast Banking Co. of Florida’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the company posted $0.37 earnings per share. As a group, equities analysts predict that Seacoast Banking Co. of Florida will post 1.42 EPS for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s payout ratio is 52.17%.

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.