Victory Capital Management Inc. Sells 31,109 Shares of Seacoast Banking Corporation of Florida (SBCF)

Victory Capital Management Inc. lowered its stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 30.5% during the first quarter, Holdings Channel reports. The firm owned 70,738 shares of the financial services provider’s stock after selling 31,109 shares during the period. Victory Capital Management Inc. owned 0.18% of Seacoast Banking Corporation of Florida worth $1,696,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Seacoast Banking Corporation of Florida during the first quarter valued at $200,000. SG Americas Securities LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the first quarter valued at $209,000. Federated Investors Inc. PA raised its stake in shares of Seacoast Banking Corporation of Florida by 6,961.3% in the fourth quarter. Federated Investors Inc. PA now owns 9,674 shares of the financial services provider’s stock valued at $213,000 after buying an additional 9,537 shares during the period. Geneva Advisors LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the first quarter valued at $240,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Seacoast Banking Corporation of Florida during the fourth quarter valued at $232,000. Institutional investors and hedge funds own 71.55% of the company’s stock.

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

Seacoast Banking Corporation of Florida (NASDAQ SBCF) opened at 24.55 on Friday. The firm has a market capitalization of $953.50 million, a price-to-earnings ratio of 28.45 and a beta of 0.75. Seacoast Banking Corporation of Florida has a 52-week low of $15.21 and a 52-week high of $25.88. The firm has a 50-day moving average of $23.63 and a 200-day moving average of $23.03.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 16.95% and a return on equity of 9.11%. The company had revenue of $48.10 million during the quarter, compared to analyst estimates of $47.55 million. During the same quarter in the previous year, the business posted $0.19 earnings per share. The company’s revenue for the quarter was up 25.3% on a year-over-year basis. On average, equities research analysts forecast that Seacoast Banking Corporation of Florida will post $1.24 EPS for the current fiscal year.

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A number of research firms have commented on SBCF. Zacks Investment Research lowered shares of Seacoast Banking Corporation of Florida from a “buy” rating to a “hold” rating in a research report on Saturday, February 18th. Guggenheim began coverage on shares of Seacoast Banking Corporation of Florida in a research report on Wednesday, March 15th. They issued a “neutral” rating and a $25.00 price target on the stock. Finally, FIG Partners upgraded shares of Seacoast Banking Corporation of Florida from a “market-perform” rating to an “outperform” rating in a research report on Friday, May 19th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Seacoast Banking Corporation of Florida presently has an average rating of “Buy” and a consensus price target of $23.00.

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

About Seacoast Banking Corporation of Florida

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.

Want to see what other hedge funds are holding SBCF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seacoast Banking Corporation of Florida (NASDAQ:SBCF).

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