Element Pointe Advisors LLC Sells 23,487 Shares of Seacoast Banking Corporation of Florida $SBCF

Element Pointe Advisors LLC lessened its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 48.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 25,163 shares of the financial services provider’s stock after selling 23,487 shares during the quarter. Element Pointe Advisors LLC’s holdings in Seacoast Banking Corporation of Florida were worth $766,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. AlphaQuest LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 213.5% during the third quarter. AlphaQuest LLC now owns 44,789 shares of the financial services provider’s stock valued at $1,363,000 after acquiring an additional 30,502 shares in the last quarter. Global Trust Asset Management LLC grew its stake in Seacoast Banking Corporation of Florida by 22,887.6% in the third 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 position in Seacoast Banking Corporation of Florida during the 2nd quarter worth $1,684,000. Deprince Race & Zollo Inc. raised 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 in the last quarter. Finally, JPMorgan Chase & Co. raised its position 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 hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, EVP Joseph M. Forlenza sold 12,635 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $32.90, for a total transaction of $415,691.50. Following the transaction, the executive vice president directly owned 42,392 shares of the company’s stock, valued at $1,394,696.80. This represents a 22.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Maryann Goebel sold 3,419 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $34.23, for a total value of $117,032.37. Following the completion of the sale, the director owned 6,000 shares of the company’s stock, valued at approximately $205,380. This trade represents a 36.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 21,752 shares of company stock worth $726,126. Company insiders own 1.60% of the company’s stock.

Seacoast Banking Corporation of Florida Stock Performance

SBCF stock opened at $31.48 on Thursday. Seacoast Banking Corporation of Florida has a one year low of $21.36 and a one year high of $35.55. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 19.68 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 firm has a 50-day simple moving average of $33.08 and a two-hundred day simple moving average of $31.71.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The firm had revenue of $204.80 million during the quarter, compared to analysts’ expectations of $201.25 million. During the same period in the previous year, the firm earned $0.48 EPS. The firm’s quarterly revenue was up 53.0% on a year-over-year basis. On average, equities analysts forecast 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 declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 47.50%.

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.