8,358 Shares in Seacoast Banking Co. of Florida (NASDAQ:SBCF) Bought by Xcel Wealth Management LLC

Xcel Wealth Management LLC acquired a new position in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) during the 3rd quarter, Holdings Channel.com reports. The firm acquired 8,358 shares of the financial services provider’s stock, valued at approximately $223,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Seacoast Banking Co. of Florida by 73.4% in the 3rd quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 412 shares during the period. Texas Permanent School Fund Corp grew its holdings in Seacoast Banking Co. of Florida by 0.6% during the second quarter. Texas Permanent School Fund Corp now owns 74,241 shares of the financial services provider’s stock worth $1,755,000 after purchasing an additional 438 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Seacoast Banking Co. of Florida by 6.0% during the first quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 460 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Seacoast Banking Co. of Florida by 1.0% during the first quarter. Illinois Municipal Retirement Fund now owns 46,860 shares of the financial services provider’s stock worth $1,190,000 after acquiring an additional 477 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of Seacoast Banking Co. of Florida by 1.2% during the second quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock worth $1,000,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $31.00 price target on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. Truist Financial boosted their price target on Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Finally, Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $29.00 to $31.00 in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Seacoast Banking Co. of Florida currently has an average rating of “Hold” and a consensus target price of $29.88.

Seacoast Banking Co. of Florida Price Performance

SBCF traded up $0.04 during trading on Tuesday, hitting $26.80. 71,921 shares of the stock traded hands, compared to its average volume of 411,532. Seacoast Banking Co. of Florida has a twelve month low of $19.04 and a twelve month high of $29.98. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 19.25 and a beta of 1.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50 day moving average price of $26.67 and a 200 day moving average price of $25.06.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.36 EPS for the quarter, beating the consensus estimate of $0.34 by $0.02. The business had revenue of $201.99 million during the quarter, compared to the consensus estimate of $126.00 million. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. During the same period in the previous year, the business earned $0.37 earnings per share. Equities research analysts forecast that Seacoast Banking Co. of Florida will post 1.43 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 2.69%. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 51.80%.

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.