Franklin Resources Inc. Sells 341,187 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Franklin Resources Inc. trimmed its position in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 11.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,581,591 shares of the financial services provider’s stock after selling 341,187 shares during the quarter. Franklin Resources Inc.’s holdings in Seacoast Banking Co. of Florida were worth $69,935,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SBCF. Hantz Financial Services Inc. raised its stake in Seacoast Banking Co. of Florida by 0.8% during the third quarter. Hantz Financial Services Inc. now owns 51,132 shares of the financial services provider’s stock worth $1,363,000 after acquiring an additional 383 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Seacoast Banking Co. of Florida by 73.4% during 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 last quarter. Texas Permanent School Fund Corp increased its position in Seacoast Banking Co. of Florida by 0.6% during the 2nd 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 in the last quarter. Louisiana State Employees Retirement System lifted its stake in Seacoast Banking Co. of Florida by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock valued at $1,000,000 after purchasing an additional 500 shares during the last quarter. Finally, Trust Point Inc. lifted its stake in Seacoast Banking Co. of Florida by 2.8% in the 3rd quarter. Trust Point Inc. now owns 22,903 shares of the financial services provider’s stock valued at $610,000 after purchasing an additional 617 shares during the last quarter. 81.77% of the stock is owned by institutional investors.

Insider Transactions at Seacoast Banking Co. of Florida

In related news, CEO Charles M. Shaffer sold 21,255 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $30.36, for a total value of $645,301.80. Following the transaction, the chief executive officer now owns 126,232 shares in the company, valued at $3,832,403.52. The trade was a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Seacoast Banking Co. of Florida Stock Up 1.0 %

Shares of SBCF opened at $29.17 on Tuesday. The stock’s 50-day moving average price is $28.57 and its two-hundred day moving average price is $26.60. Seacoast Banking Co. of Florida has a 12 month low of $21.90 and a 12 month high of $31.68. The company has a market capitalization of $2.49 billion, a PE ratio of 21.14 and a beta of 1.08. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.36. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. The company had revenue of $130.30 million during the quarter, compared to the consensus estimate of $129.20 million. During the same period last year, the company earned $0.37 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. On average, analysts anticipate that Seacoast Banking Co. of Florida will post 1.41 EPS for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 52.17%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Stephens upped their price target on shares of Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, October 28th. Truist Financial dropped their target price on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $31.00 price target on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Seacoast Banking Co. of Florida presently has an average rating of “Hold” and an average target price of $28.70.

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.