Wealth Effects LLC Sells 3,050 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Wealth Effects LLC cut its stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 11.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,500 shares of the financial services provider’s stock after selling 3,050 shares during the period. Wealth Effects LLC’s holdings in Seacoast Banking Co. of Florida were worth $619,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Renaissance Technologies LLC grew its position in Seacoast Banking Co. of Florida by 83.2% during the second quarter. Renaissance Technologies LLC now owns 78,605 shares of the financial services provider’s stock worth $1,858,000 after buying an additional 35,700 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Seacoast Banking Co. of Florida by 36.7% during the 2nd quarter. Sei Investments Co. now owns 281,601 shares of the financial services provider’s stock worth $6,657,000 after purchasing an additional 75,605 shares in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the second quarter valued at approximately $334,000. The Manufacturers Life Insurance Company raised its stake in shares of Seacoast Banking Co. of Florida by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 47,424 shares of the financial services provider’s stock valued at $1,121,000 after purchasing an additional 1,317 shares in the last quarter. Finally, Algert Global LLC bought a new position in Seacoast Banking Co. of Florida in the second quarter worth $202,000. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SBCF. Truist Financial dropped 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. Stephens lifted their price objective on 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $28.70.

Insider Activity

In related news, CEO Charles M. Shaffer sold 21,255 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 126,232 shares in the company, valued at approximately $3,832,403.52. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.50% of the company’s stock.

Seacoast Banking Co. of Florida Trading Up 1.8 %

Shares of NASDAQ SBCF opened at $27.20 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The company has a market cap of $2.32 billion, a PE ratio of 19.71 and a beta of 1.09. The company has a 50-day moving average of $28.12 and a two-hundred day moving average of $27.42. Seacoast Banking Co. of Florida has a 1-year low of $21.90 and a 1-year high of $31.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.15. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. As a group, equities analysts expect that Seacoast Banking Co. of Florida will post 1.39 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.72 annualized dividend and a yield of 2.65%. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 52.17%.

About Seacoast Banking Co. of Florida

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.