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

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01, FiscalAI reports. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. The business had revenue of $217.50 million for the quarter, compared to the consensus estimate of $216.32 million.

Seacoast Banking Corporation of Florida Trading Down 2.8%

NASDAQ:SBCF opened at $32.78 on Thursday. Seacoast Banking Corporation of Florida has a 52 week low of $28.69 and a 52 week high of $36.27. The firm’s fifty day moving average is $33.27 and its 200-day moving average is $32.50. The firm has a market cap of $3.17 billion, a P/E ratio of 20.88 and a beta of 0.90. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78.

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a $0.20 dividend. This is an increase from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, December 15th. Seacoast Banking Corporation of Florida’s payout ratio is presently 50.96%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Raymond James Financial reaffirmed an “outperform” rating on shares of Seacoast Banking Corporation of Florida in a research report on Thursday. Piper Sandler raised 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 research note on Thursday, July 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday, September 25th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $36.50.

Insider Activity

In other Seacoast Banking Corporation of Florida news, EVP Juliette Kleffel sold 14,831 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total value of $508,851.61. Following the transaction, the executive vice president directly owned 78,321 shares of the company’s stock, valued at approximately $2,687,193.51. The trade was a 15.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dennis Hudson, III sold 12,000 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $34.15, for a total transaction of $409,800.00. Following the transaction, the director owned 206,869 shares in the company, valued at $7,064,576.35. The trade was a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.50% of the company’s stock.

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.