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

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) posted its quarterly earnings results on Thursday. The financial services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.07), FiscalAI reports. The business had revenue of $204.79 million during the quarter, compared to the consensus estimate of $201.25 million. Seacoast Banking Corporation of Florida had a net margin of 16.93% and a return on equity of 7.16%. The company’s revenue for the quarter was up 53.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 EPS.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF opened at $34.12 on Friday. The firm has a market capitalization of $3.34 billion, a PE ratio of 20.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.84 and a quick ratio of 0.84. The company’s fifty day moving average price is $32.50 and its 200-day moving average price is $30.90. Seacoast Banking Corporation of Florida has a 1-year low of $21.36 and a 1-year high of $35.46.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. Seacoast Banking Corporation of Florida’s payout ratio is 44.97%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SBCF shares. Zacks Research downgraded Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Raymond James Financial set a $33.00 price target on shares of Seacoast Banking Corporation of Florida and gave the company an “outperform” rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research note on Thursday, January 22nd. Piper Sandler reissued a “neutral” rating and set a $33.50 target price on shares of Seacoast Banking Corporation of Florida in a research report on Monday, November 3rd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $31.50.

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $31.13, for a total transaction of $249,040.00. Following the sale, the director owned 251,275 shares in the company, valued at approximately $7,822,190.75. The trade was a 3.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of large investors have recently bought and sold shares of the company. Measured Wealth Private Client Group LLC purchased a new position in Seacoast Banking Corporation of Florida during the 3rd quarter worth approximately $33,000. Advisory Services Network LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida in the third quarter worth $45,000. Captrust Financial Advisors acquired a new position in Seacoast Banking Corporation of Florida during the second quarter valued at $215,000. Inceptionr LLC acquired a new position in Seacoast Banking Corporation of Florida during the third quarter valued at $227,000. Finally, Cerity Partners LLC purchased a new stake in Seacoast Banking Corporation of Florida in the second quarter valued at $239,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

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.