abrdn plc Sells 122,430 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

abrdn plc lessened its stake in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 10.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,090,222 shares of the financial services provider’s stock after selling 122,430 shares during the period. abrdn plc owned about 1.28% of Seacoast Banking Co. of Florida worth $31,028,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SBCF. Wellington Management Group LLP raised its stake in Seacoast Banking Co. of Florida by 31.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,597,739 shares of the financial services provider’s stock valued at $100,966,000 after acquiring an additional 1,106,724 shares during the period. First Eagle Investment Management LLC boosted its stake in Seacoast Banking Co. of Florida by 67.5% in the 3rd quarter. First Eagle Investment Management LLC now owns 350,918 shares of the financial services provider’s stock worth $7,706,000 after purchasing an additional 141,403 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Seacoast Banking Co. of Florida by 20.0% in the third quarter. Schroder Investment Management Group now owns 500,425 shares of the financial services provider’s stock worth $10,989,000 after buying an additional 83,377 shares in the last quarter. Lord Abbett & CO. LLC lifted its stake in Seacoast Banking Co. of Florida by 21.0% in the 3rd quarter. Lord Abbett & CO. LLC now owns 358,614 shares of the financial services provider’s stock worth $7,875,000 after purchasing an additional 62,300 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Seacoast Banking Co. of Florida by 64.6% during the third quarter. Envestnet Asset Management Inc. now owns 150,516 shares of the financial services provider’s stock worth $3,305,000 after buying an additional 59,071 shares in the last quarter. Institutional investors own 81.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SBCF. Truist Financial decreased their price target on shares of Seacoast Banking Co. of Florida from $28.00 to $27.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Raymond James upped their price objective on shares of Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the company an “outperform” rating in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to MarketBeat, Seacoast Banking Co. of Florida presently has an average rating of “Hold” and a consensus target price of $25.63.

Seacoast Banking Co. of Florida Price Performance

Shares of Seacoast Banking Co. of Florida stock opened at $23.18 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.85 and a quick ratio of 0.85. Seacoast Banking Co. of Florida has a one year low of $17.93 and a one year high of $29.98. The business’s 50 day simple moving average is $24.10 and its two-hundred day simple moving average is $24.38. The stock has a market capitalization of $1.97 billion, a P/E ratio of 18.69 and a beta of 1.16.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.05). The firm had revenue of $128.16 million during the quarter, compared to analysts’ expectations of $135.33 million. Seacoast Banking Co. of Florida had a return on equity of 5.04% and a net margin of 13.54%. Analysts forecast that Seacoast Banking Co. of Florida will post 1.47 EPS for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, June 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.11%. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 58.06%.

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.