Pier Capital LLC Sells 105,248 Shares of Seacoast Banking Corporation of Florida $SBCF

Pier Capital LLC decreased its stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 29.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 246,409 shares of the financial services provider’s stock after selling 105,248 shares during the quarter. Pier Capital LLC’s holdings in Seacoast Banking Corporation of Florida were worth $7,498,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SBCF. AlphaQuest LLC raised its position in shares of Seacoast Banking Corporation of Florida by 213.5% in the 3rd quarter. AlphaQuest LLC now owns 44,789 shares of the financial services provider’s stock worth $1,363,000 after purchasing an additional 30,502 shares during the last quarter. Global Trust Asset Management LLC boosted its stake in Seacoast Banking Corporation of Florida by 22,887.6% in the 3rd quarter. Global Trust Asset Management LLC now owns 83,445 shares of the financial services provider’s stock worth $2,539,000 after purchasing an additional 83,082 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. purchased a new stake in Seacoast Banking Corporation of Florida during the 2nd quarter valued at about $1,684,000. Deprince Race & Zollo Inc. grew its position in Seacoast Banking Corporation of Florida by 7.2% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 2,148,243 shares of the financial services provider’s stock valued at $65,371,000 after purchasing an additional 143,871 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Seacoast Banking Corporation of Florida by 33.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 534,877 shares of the financial services provider’s stock valued at $14,773,000 after purchasing an additional 132,796 shares in the last quarter. 81.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

SBCF has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Zacks Research downgraded shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $31.90.

Seacoast Banking Corporation of Florida Price Performance

NASDAQ SBCF opened at $30.16 on Friday. Seacoast Banking Corporation of Florida has a one year low of $21.36 and a one year high of $35.55. The stock has a 50-day moving average of $32.95 and a 200 day moving average of $31.74. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 18.85 and a beta of 0.92. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 0.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.07). The company had revenue of $204.80 million for the quarter, compared to the consensus estimate of $201.25 million. Seacoast Banking Corporation of Florida had a net margin of 15.47% and a return on equity of 7.07%. Seacoast Banking Corporation of Florida’s revenue was up 53.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. On average, sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, March 13th. Seacoast Banking Corporation of Florida’s payout ratio is presently 47.50%.

Insider Activity at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Maryann Goebel sold 3,419 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $34.23, for a total transaction of $117,032.37. Following the completion of the sale, the director directly owned 6,000 shares in the company, valued at approximately $205,380. The trade was a 36.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis J. Arczynski sold 3,419 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $34.21, for a total transaction of $116,963.99. Following the sale, the director owned 1,000 shares of the company’s stock, valued at approximately $34,210. This represents a 77.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,752 shares of company stock valued at $976,846 over the last quarter. 1.60% of the stock is owned by company insiders.

About Seacoast Banking Corporation of Florida

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.