GW&K Investment Management LLC Sells 21,581 Shares of Seacoast Banking Corporation of Florida $SBCF

GW&K Investment Management LLC reduced its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 1.4% during the fourth quarter, HoldingsChannel reports. The firm owned 1,467,500 shares of the financial services provider’s stock after selling 21,581 shares during the quarter. GW&K Investment Management LLC’s holdings in Seacoast Banking Corporation of Florida were worth $46,108,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp grew its stake in shares of Seacoast Banking Corporation of Florida by 69.7% during the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock worth $26,000 after buying an additional 352 shares during the last quarter. Salomon & Ludwin LLC lifted its stake in shares of 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 acquiring an additional 356 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new stake in Seacoast Banking Corporation of Florida during the 3rd quarter worth $33,000. Advisory Services Network LLC bought a new stake in Seacoast Banking Corporation of Florida during the 3rd quarter worth $45,000. Finally, Smartleaf Asset Management LLC increased its holdings in Seacoast Banking Corporation of Florida by 41.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 478 shares in the last quarter. 81.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SBCF. Piper Sandler cut their price target on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. Finally, Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.50.

Insider Activity at Seacoast Banking Corporation of Florida

In other news, CEO Charles M. Shaffer sold 10,367 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the transaction, the chief executive officer directly owned 174,113 shares of the company’s stock, valued at approximately $5,376,609.44. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP James C. Stallings III sold 7,552 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the sale, the executive vice president owned 7,247 shares in the company, valued at approximately $225,816.52. The trade was a 51.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.50% of the company’s stock.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ SBCF opened at $30.78 on Wednesday. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 20.25 and a beta of 0.86. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a twelve month low of $24.46 and a twelve month high of $35.55. The stock has a fifty day simple moving average of $30.96 and a 200 day simple moving average of $31.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The firm had revenue of $205.10 million for the quarter, compared to the consensus estimate of $205.51 million. During the same period in the previous year, the business earned $0.38 EPS. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. Sell-side analysts expect that Seacoast Banking Corporation of Florida will post 2.49 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, June 30th. Investors of record on Monday, June 15th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, June 15th. Seacoast Banking Corporation of Florida’s payout ratio is currently 50.00%.

Seacoast Banking Corporation of Florida Company 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.