Seacoast Banking Co. of Florida (NASDAQ:SBCF) Announces Earnings Results, Beats Estimates By $0.02 EPS

Seacoast Banking Co. of Florida (NASDAQ:SBCF) released its earnings results on Thursday. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02, Briefing.com reports. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.61%. The business had revenue of $201.99 million for the quarter, compared to analyst estimates of $126.00 million. During the same quarter in the previous year, the business earned $0.37 earnings per share.

Seacoast Banking Co. of Florida Stock Up 0.1 %

SBCF traded up $0.04 during trading on Friday, hitting $28.70. 584,328 shares of the company’s stock were exchanged, compared to its average volume of 510,787. Seacoast Banking Co. of Florida has a fifty-two week low of $19.04 and a fifty-two week high of $29.98. The stock has a market cap of $2.44 billion, a P/E ratio of 20.50 and a beta of 1.10. The business’s 50 day moving average is $24.13 and its two-hundred day moving average is $24.38. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.10.

Seacoast Banking Co. of Florida Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Friday, September 13th. Seacoast Banking Co. of Florida’s payout ratio is currently 51.43%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SBCF. Truist Financial dropped their price objective on Seacoast Banking Co. of Florida from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Monday, July 8th. Keefe, Bruyette & Woods upgraded Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $26.00 to $27.00 in a report on Friday, May 31st. Finally, Hovde Group lowered their price objective on shares of Seacoast Banking Co. of Florida from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.10.

Insider Activity

In related news, Director Dennis S. Hudson III sold 16,000 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total value of $432,000.00. Following the sale, the director now owns 234,312 shares in the company, valued at approximately $6,326,424. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP James C. Stallings III sold 3,855 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $24.44, for a total transaction of $94,216.20. Following the transaction, the executive vice president now directly owns 3,961 shares in the company, valued at $96,806.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dennis S. Hudson III sold 16,000 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $27.00, for a total transaction of $432,000.00. Following the completion of the sale, the director now directly owns 234,312 shares of the company’s stock, valued at $6,326,424. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.