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

Pier Capital LLC trimmed its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 29.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 246,409 shares of the financial services provider’s stock after selling 105,248 shares during the period. Pier Capital LLC owned about 0.25% of Seacoast Banking Corporation of Florida worth $7,498,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in shares of Seacoast Banking Corporation of Florida by 69.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 352 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Seacoast Banking Corporation of Florida by 41.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 478 shares during the last quarter. Caldwell Trust Co bought a new position in Seacoast Banking Corporation of Florida during the 2nd quarter worth approximately $51,000. GAMMA Investing LLC increased its stake in Seacoast Banking Corporation of Florida by 19.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,424 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 388 shares during the period. Finally, Summer Road LLC purchased a new position in Seacoast Banking Corporation of Florida in the 2nd quarter worth approximately $84,000. 81.77% of the stock is owned by institutional investors.

Seacoast Banking Corporation of Florida Stock Down 1.4%

Shares of NASDAQ:SBCF opened at $30.16 on Friday. The firm has a market capitalization of $2.95 billion, a P/E 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. The stock has a 50 day moving average price of $32.95 and a 200-day moving average price of $31.74. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.07). The firm 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%. The company’s revenue for the quarter was up 53.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.48 earnings per share. As a group, equities research analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, March 13th. Seacoast Banking Corporation of Florida’s payout ratio is 47.50%.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, EVP Joseph M. Forlenza sold 12,635 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $32.90, for a total transaction of $415,691.50. Following the sale, the executive vice president owned 42,392 shares of the company’s stock, valued at $1,394,696.80. The trade was a 22.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph B. Shearouse III acquired 4,000 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was acquired at an average price of $33.19 per share, for a total transaction of $132,760.00. Following the acquisition, the director owned 35,500 shares of the company’s stock, valued at approximately $1,178,245. This trade represents a 12.70% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 29,752 shares of company stock worth $976,846. 1.60% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.