Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Announces Earnings Results

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01, FiscalAI reports. The company had revenue of $209.99 million during the quarter, compared to the consensus estimate of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.

Seacoast Banking Corporation of Florida Stock Performance

Shares of SBCF stock traded up $0.39 during mid-day trading on Tuesday, hitting $33.65. 874,489 shares of the stock were exchanged, compared to its average volume of 840,519. The stock’s fifty day simple moving average is $31.83 and its two-hundred day simple moving average is $31.92. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78. Seacoast Banking Corporation of Florida has a 12-month low of $27.22 and a 12-month high of $35.55. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 22.14 and a beta of 0.85.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 50.00%.

Analyst Ratings Changes

A number of research firms have recently commented on SBCF. Piper Sandler increased their price objective on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a “neutral” rating in a report on Monday, June 22nd. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Insider Activity

In other Seacoast Banking Corporation of Florida news, EVP James C. Stallings III sold 7,552 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total transaction of $235,320.32. Following the transaction, the executive vice president owned 7,247 shares of the company’s stock, valued at $225,816.52. The trade was a 51.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dennis S. Hudson III sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total value of $136,000.00. Following the completion of the sale, the director owned 216,854 shares of the company’s stock, valued at approximately $7,373,036. This represents a 1.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 29,919 shares of company stock valued at $942,733. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in shares of Seacoast Banking Corporation of Florida by 58.6% in the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider’s stock valued at $166,825,000 after acquiring an additional 2,025,988 shares during the period. North Reef Capital Management LP boosted its stake in Seacoast Banking Corporation of Florida by 16.8% during the 4th quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider’s stock worth $183,244,000 after purchasing an additional 837,075 shares during the period. Verition Fund Management LLC purchased a new position in Seacoast Banking Corporation of Florida during the 3rd quarter worth $14,865,000. Ameriprise Financial Inc. grew its position in Seacoast Banking Corporation of Florida by 78.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 679,218 shares of the financial services provider’s stock worth $20,669,000 after purchasing an additional 297,892 shares during the last quarter. Finally, Focus Partners Wealth increased its stake in Seacoast Banking Corporation of Florida by 3,248.6% in the fourth quarter. Focus Partners Wealth now owns 247,662 shares of the financial services provider’s stock valued at $7,781,000 after purchasing an additional 240,266 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.