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

abrdn plc lowered its holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 10.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,090,222 shares of the financial services provider’s stock after selling 122,430 shares during the quarter. abrdn plc’s holdings in Seacoast Banking Co. of Florida were worth $31,028,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. First Eagle Investment Management LLC raised its stake in Seacoast Banking Co. of Florida by 67.5% in the third quarter. First Eagle Investment Management LLC now owns 350,918 shares of the financial services provider’s stock worth $7,706,000 after buying an additional 141,403 shares in the last quarter. One Wealth Management Investment & Advisory Services LLC bought a new stake in Seacoast Banking Co. of Florida during the fourth quarter valued at about $1,321,000. Wellington Management Group LLP grew its stake in Seacoast Banking Co. of Florida by 31.7% in the third quarter. Wellington Management Group LLP now owns 4,597,739 shares of the financial services provider’s stock valued at $100,966,000 after purchasing an additional 1,106,724 shares during the last quarter. Deutsche Bank AG grew its stake in Seacoast Banking Co. of Florida by 14.0% in the third quarter. Deutsche Bank AG now owns 40,874 shares of the financial services provider’s stock valued at $898,000 after purchasing an additional 5,019 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Seacoast Banking Co. of Florida by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 677,829 shares of the financial services provider’s stock worth $14,885,000 after purchasing an additional 39,183 shares in the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SBCF shares. Truist Financial lowered 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 lifted their price target on shares of Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the stock an “outperform” rating in a report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $25.63.

Seacoast Banking Co. of Florida Price Performance

Shares of NASDAQ SBCF opened at $23.18 on Tuesday. Seacoast Banking Co. of Florida has a fifty-two week low of $17.93 and a fifty-two week high of $29.98. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $1.97 billion, a PE ratio of 18.69 and a beta of 1.16. The business has a 50-day simple moving average of $24.10 and a two-hundred day simple moving average of $24.38.

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

Seacoast Banking Co. of Florida Dividend Announcement

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

About Seacoast Banking Co. of Florida

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.