JPMorgan Chase & Co. Reduces Stake in Seacoast Banking Corporation of Florida (SBCF)

JPMorgan Chase & Co. decreased its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 85.3% during the first quarter, Holdings Channel reports. The fund owned 8,502 shares of the financial services provider’s stock after selling 49,184 shares during the period. JPMorgan Chase & Co.’s holdings in Seacoast Banking Corporation of Florida were worth $204,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Seacoast Banking Corporation of Florida during the first quarter worth about $2,005,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Seacoast Banking Corporation of Florida during the first quarter worth about $200,000. Penserra Capital Management LLC acquired a new stake in Seacoast Banking Corporation of Florida during the first quarter worth about $1,159,000. State of Wisconsin Investment Board acquired a new stake in Seacoast Banking Corporation of Florida during the first quarter worth about $599,000. Finally, Virginia Retirement Systems ET AL boosted its stake in Seacoast Banking Corporation of Florida by 171.0% in the first quarter. Virginia Retirement Systems ET AL now owns 75,061 shares of the financial services provider’s stock worth $1,800,000 after buying an additional 47,361 shares during the last quarter. 71.54% of the stock is owned by institutional investors and hedge funds.

Shares of Seacoast Banking Corporation of Florida (SBCF) opened at 24.36 on Friday. The company has a market capitalization of $946.12 million, a PE ratio of 28.23 and a beta of 0.78. Seacoast Banking Corporation of Florida has a 1-year low of $15.85 and a 1-year high of $25.88. The company’s 50-day moving average price is $24.13 and its 200-day moving average price is $23.47.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, July 27th. The financial services provider reported $0.29 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.29. Seacoast Banking Corporation of Florida had a return on equity of 9.11% and a net margin of 16.95%. The company had revenue of $54.60 million for the quarter, compared to analyst estimates of $53.90 million. During the same period in the prior year, the firm earned $0.24 earnings per share. Seacoast Banking Corporation of Florida’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, equities analysts expect that Seacoast Banking Corporation of Florida will post $1.25 earnings per share for the current fiscal year.

A number of research firms recently issued reports on SBCF. BidaskClub cut Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research note on Tuesday. Zacks Investment Research raised Seacoast Banking Corporation of Florida from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Wednesday, June 28th. Finally, FIG Partners raised Seacoast Banking Corporation of Florida from a “market-perform” rating to an “outperform” rating in a research note on Friday, May 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $22.60.

In other news, Director Roger Goldman sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $22.55, for a total transaction of $67,650.00. Following the transaction, the director now directly owns 20,072 shares of the company’s stock, valued at $452,623.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is owned by corporate insiders.

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.

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