Royal Bank of Canada Lowers Stock Holdings in Seacoast Banking Corporation of Florida $SBCF

Royal Bank of Canada reduced its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 23.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,699 shares of the financial services provider’s stock after selling 26,775 shares during the quarter. Royal Bank of Canada owned about 0.09% of Seacoast Banking Corporation of Florida worth $2,717,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd bought a new stake in Seacoast Banking Corporation of Florida during the 4th quarter worth approximately $26,000. Salomon & Ludwin LLC boosted its holdings in Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 356 shares during the period. Measured Wealth Private Client Group LLC purchased a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at $33,000. Advisory Services Network LLC purchased a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at $45,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth $50,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Finally, Piper Sandler upped their target price on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida has an average rating of “Moderate Buy” and a consensus price target of $35.50.

Insider Transactions at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total value of $251,280.00. Following the transaction, the director directly owned 220,854 shares of the company’s stock, valued at $6,937,024.14. The trade was a 3.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is currently owned by insiders.

Seacoast Banking Corporation of Florida Stock Performance

Seacoast Banking Corporation of Florida stock opened at $36.13 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $3.50 billion, a PE ratio of 23.01 and a beta of 0.85. The firm has a fifty day simple moving average of $33.16 and a two-hundred day simple moving average of $32.08. Seacoast Banking Corporation of Florida has a twelve month low of $27.96 and a twelve month high of $36.18.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $209.99 million for the quarter, compared to analysts’ expectations of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. Research analysts expect that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, September 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 48.41%.

Seacoast Banking Corporation of Florida Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.