Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Issues Earnings Results, Beats Expectations By $0.01 EPS

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01, FiscalAI reports. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. The business had revenue of $217.50 million for the quarter, compared to analysts’ expectations of $216.32 million.

Seacoast Banking Corporation of Florida Price Performance

NASDAQ:SBCF traded up $0.07 during trading hours on Tuesday, hitting $33.73. 1,340,997 shares of the company’s stock traded hands, compared to its average volume of 850,933. The firm has a market cap of $3.27 billion, a P/E ratio of 21.48 and a beta of 0.90. Seacoast Banking Corporation of Florida has a 52 week low of $28.69 and a 52 week high of $36.27. The business’s fifty day simple moving average is $33.37 and its two-hundred day simple moving average is $32.49. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, December 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is 48.41%.

Insider Activity

In other Seacoast Banking Corporation of Florida news, EVP Juliette Kleffel sold 14,831 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $34.31, for a total value of $508,851.61. Following the transaction, the executive vice president directly owned 78,321 shares in the company, valued at $2,687,193.51. This represents a 15.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis Hudson, III sold 12,000 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the completion of the transaction, the director owned 206,869 shares in the company, valued at $7,064,576.35. This represents a 5.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SBCF shares. Piper Sandler lifted their target price on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a report on Thursday, July 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Friday, September 25th. Finally, Raymond James Financial reduced their price objective on shares of Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an “outperform” rating for the company in a research note on Tuesday, October 13th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida is a bank holding company headquartered in Stuart, Florida. It operates primarily through Seacoast National Bank, which provides banking and financial services to individuals, businesses and institutions across Florida.

The company offers checking and savings accounts, certificates of deposit, commercial and residential real estate loans, consumer lending, business financing, treasury management and other deposit services. Through affiliated operations, Seacoast also provides wealth management, investment advisory and mortgage-related services.

Seacoast National Bank traces its roots to 1926 and has expanded its presence throughout Florida, including the Treasure Coast, Central Florida and South Florida.