Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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

Seacoast Banking Corporation of Florida Price Performance

Seacoast Banking Corporation of Florida stock opened at $33.65 on Wednesday. The firm has a market cap of $3.27 billion, a PE ratio of 22.14 and a beta of 0.85. Seacoast Banking Corporation of Florida has a 52-week low of $27.22 and a 52-week high of $35.55. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. The company’s 50 day moving average is $31.91 and its two-hundred day moving average is $31.93.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced 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 is Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.3%. Seacoast Banking Corporation of Florida’s dividend payout ratio is 50.00%.

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, EVP James C. Stallings III sold 7,552 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the transaction, the executive vice president owned 7,247 shares in the company, valued at $225,816.52. The trade was a 51.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total value of $251,280.00. Following the sale, the director directly owned 220,854 shares in the company, valued at $6,937,024.14. This represents a 3.50% 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. Insiders sold a total of 29,919 shares of company stock worth $942,733 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd purchased a new position in shares of Seacoast Banking Corporation of Florida in the 4th quarter valued at about $26,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the third quarter worth approximately $33,000. Advisory Services Network LLC acquired a new stake in Seacoast Banking Corporation of Florida in the third quarter valued at approximately $45,000. Kestra Advisory Services LLC acquired a new stake in Seacoast Banking Corporation of Florida in the fourth quarter valued at approximately $50,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Seacoast Banking Corporation of Florida in the fourth quarter worth approximately $56,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

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

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.