Jennison Associates LLC Raises Position in Seacoast Banking Corporation of Florida (SBCF)

Jennison Associates LLC lifted its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 62.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,601,955 shares of the financial services provider’s stock after purchasing an additional 613,947 shares during the period. Jennison Associates LLC owned 3.68% of Seacoast Banking Corporation of Florida worth $38,271,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. TIAA CREF Investment Management LLC boosted its stake in Seacoast Banking Corporation of Florida by 5.8% in the second quarter. TIAA CREF Investment Management LLC now owns 135,984 shares of the financial services provider’s stock valued at $3,277,000 after acquiring an additional 7,424 shares during the last quarter. Westpac Banking Corp bought a new position in Seacoast Banking Corporation of Florida in the second quarter valued at approximately $317,000. Dimensional Fund Advisors LP boosted its stake in Seacoast Banking Corporation of Florida by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,321,937 shares of the financial services provider’s stock valued at $31,859,000 after acquiring an additional 12,918 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Seacoast Banking Corporation of Florida by 9.9% in the second quarter. Nationwide Fund Advisors now owns 53,880 shares of the financial services provider’s stock valued at $1,299,000 after acquiring an additional 4,850 shares during the last quarter. Finally, Century Capital Management LLC bought a new position in Seacoast Banking Corporation of Florida in the second quarter valued at approximately $1,773,000. 79.09% of the stock is currently owned by hedge funds and other institutional investors.

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SBCF has been the topic of a number of recent research reports. FBR & Co reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Seacoast Banking Corporation of Florida in a research note on Tuesday, September 5th. Zacks Investment Research cut shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. Finally, BidaskClub cut shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $24.67.

Shares of Seacoast Banking Corporation of Florida (NASDAQ SBCF) traded up $0.06 during midday trading on Wednesday, hitting $24.61. 136,000 shares of the stock were exchanged, compared to its average volume of 283,180. The company has a market capitalization of $1,068.22, a PE ratio of 20.46 and a beta of 0.77. Seacoast Banking Corporation of Florida has a 52 week low of $18.20 and a 52 week high of $25.88. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $57.10 million for the quarter, compared to analysts’ expectations of $57.55 million. Seacoast Banking Corporation of Florida had a net margin of 18.48% and a return on equity of 9.37%. The business’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the firm posted $0.28 earnings per share. analysts forecast that Seacoast Banking Corporation of Florida will post 1.24 EPS for the current fiscal year.

In related news, CEO Dennis S. Hudson III sold 2,300 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $24.22, for a total value of $55,706.00. Following the sale, the chief executive officer now directly owns 19,247 shares of the company’s stock, valued at approximately $466,162.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $24.39, for a total transaction of $195,120.00. Following the completion of the sale, the chief executive officer now directly owns 19,247 shares in the company, valued at $469,434.33. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association (the Bank). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products to its customers.

Institutional Ownership by Quarter for Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

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