Seacoast Banking Co. of Florida (NASDAQ:SBCF) Releases Quarterly Earnings Results, Hits Estimates

Seacoast Banking Co. of Florida (NASDAQ:SBCF) announced its quarterly earnings results on Thursday. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36, Briefing.com reports. Seacoast Banking Co. of Florida had a return on equity of 5.58% and a net margin of 14.84%. The firm had revenue of $130.30 million for the quarter, compared to the consensus estimate of $129.20 million. During the same period in the prior year, the company posted $0.37 earnings per share. The company’s quarterly revenue was up 5.5% on a year-over-year basis.

Seacoast Banking Co. of Florida Price Performance

Shares of SBCF stock traded down $0.74 on Friday, hitting $26.33. 367,323 shares of the stock traded hands, compared to its average volume of 410,505. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. Seacoast Banking Co. of Florida has a 52 week low of $19.67 and a 52 week high of $29.98. The firm has a 50 day simple moving average of $26.75 and a two-hundred day simple moving average of $25.10. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 19.06 and a beta of 1.07.

Seacoast Banking Co. of Florida Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.73%. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 51.80%.

Wall Street Analyst Weigh In

SBCF has been the subject of a number of recent analyst reports. Truist Financial boosted their target price on Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $29.00 to $31.00 in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $31.00 target price on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $29.88.

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.