BNP Paribas Financial Markets Boosts Holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

BNP Paribas Financial Markets raised its stake in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 97.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 34,238 shares of the financial services provider’s stock after buying an additional 16,930 shares during the period. BNP Paribas Financial Markets’ holdings in Seacoast Banking Co. of Florida were worth $912,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SBCF. F M Investments LLC acquired a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at about $7,601,000. abrdn plc grew its holdings in 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 purchasing an additional 110,582 shares during the period. First Eagle Investment Management LLC increased 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 in the last quarter. Ceredex Value Advisors LLC raised its stake in shares of Seacoast Banking Co. of Florida by 24.2% during the 3rd quarter. Ceredex Value Advisors LLC now owns 470,954 shares of the financial services provider’s stock worth $12,551,000 after buying an additional 91,900 shares during the period. Finally, Westwood Holdings Group Inc. raised its stake in shares of Seacoast Banking Co. of Florida by 2.8% during the 2nd quarter. Westwood Holdings Group Inc. now owns 3,210,657 shares of the financial services provider’s stock worth $75,900,000 after buying an additional 88,757 shares during the period. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $31.00 price target on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Truist Financial dropped their target price on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Finally, Stephens upped their price target 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 report on Monday, October 28th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $28.70.

Seacoast Banking Co. of Florida Price Performance

Seacoast Banking Co. of Florida stock opened at $29.65 on Thursday. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of 21.49 and a beta of 1.08. Seacoast Banking Co. of Florida has a 52-week low of $21.90 and a 52-week high of $31.68. The company has a fifty day simple moving average of $28.39 and a 200-day simple moving average of $26.44. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. The company had revenue of $130.30 million for the quarter, compared to analyst estimates of $129.20 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. The firm’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 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Announces Dividend

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 issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 52.17%.

Insider Buying and Selling

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 21,255 shares of the business’s stock in a transaction dated 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 directly owns 126,232 shares in the company, valued at $3,832,403.52. The trade was a 14.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.50% of the stock is 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.