Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) released its earnings results on Tuesday. The financial services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04, FiscalAI reports. The firm had revenue of $205.07 million during the quarter, compared to analyst estimates of $205.49 million. Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 earnings per share.

Seacoast Banking Corporation of Florida Price Performance

SBCF stock opened at $31.28 on Thursday. The stock has a 50-day moving average price of $31.22 and a two-hundred day moving average price of $31.77. Seacoast Banking Corporation of Florida has a 12-month low of $23.17 and a 12-month high of $35.55. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The company has a market cap of $3.05 billion, a PE ratio of 19.55 and a beta of 0.91.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, June 15th. Seacoast Banking Corporation of Florida’s payout ratio is 47.50%.

Analysts Set New Price Targets

Several equities analysts recently commented on SBCF shares. Keefe, Bruyette & Woods upped their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $33.38.

Insider Activity

In other Seacoast Banking Corporation of Florida news, Director Maryann Goebel sold 3,419 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $34.23, for a total transaction of $117,032.37. Following the completion of the sale, the director owned 6,000 shares of the company’s stock, valued at approximately $205,380. The trade was a 36.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph B. Shearouse III bought 4,000 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was bought at an average cost of $33.19 per share, with a total value of $132,760.00. Following the transaction, the director directly owned 35,500 shares of the company’s stock, valued at approximately $1,178,245. This trade represents a 12.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 29,752 shares of company stock valued at $976,846 in the last 90 days. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Institutional investors and hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd purchased a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth about $26,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida in the third quarter worth about $33,000. Advisory Services Network LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida in the third quarter worth about $45,000. Kestra Advisory Services LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth about $50,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth about $56,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Company Profile

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.