Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Announces Dividend Increase – $0.20 Per Share

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) announced a quarterly dividend on Thursday, October 22nd. Investors of record on Tuesday, December 15th will be paid a dividend of $0.20 per share by the financial services provider on Thursday, December 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, December 15th. This is a 5.3% increase from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19.

Seacoast Banking Corporation of Florida has a dividend payout ratio of 35.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Seacoast Banking Corporation of Florida to earn $2.78 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 27.3%.

Seacoast Banking Corporation of Florida Trading Down 0.5%

Seacoast Banking Corporation of Florida stock traded down $0.17 during midday trading on Friday, hitting $33.48. 56,410 shares of the stock were exchanged, compared to its average volume of 847,193. Seacoast Banking Corporation of Florida has a fifty-two week low of $28.69 and a fifty-two week high of $36.27. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.30 and a beta of 0.90. The stock’s 50-day simple moving average is $33.44 and its 200 day simple moving average is $32.60. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The company had revenue of $210.00 million for the quarter, compared to the consensus estimate of $209.84 million. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. On average, equities analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on SBCF. Raymond James Financial cut their target price on 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. Weiss Ratings restated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. Finally, Piper Sandler upped their target price on shares of 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. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida has an average rating of “Moderate Buy” and a consensus price target 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.