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

Seacoast Banking Co. of Florida (NASDAQ:SBCF) issued its quarterly earnings results on Thursday. The financial services provider reported $0.36 earnings per share for the quarter, topping 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 company had revenue of $201.99 million for the quarter, compared to the consensus estimate of $126.00 million. During the same quarter in the prior year, the company earned $0.37 EPS.

Seacoast Banking Co. of Florida Price Performance

NASDAQ:SBCF opened at $28.70 on Friday. 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 has a 52 week low of $19.04 and a 52 week high of $29.98. The stock’s 50-day moving average price is $24.13 and its 200-day moving average price is $24.38. The stock has a market capitalization of $2.44 billion, a PE ratio of 20.50 and a beta of 1.10.

Seacoast Banking Co. of Florida Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SBCF shares. Truist Financial cut their price objective on shares of 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. Hovde Group cut their price target on Seacoast Banking Co. of Florida from $31.00 to $29.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Finally, Keefe, Bruyette & Woods raised Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $26.00 to $27.00 in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $26.10.

Insider Buying and Selling

In other Seacoast Banking Co. of Florida news, Director Dennis S. Hudson III sold 16,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $27.00, for a total value of $432,000.00. Following the sale, the director now directly owns 234,312 shares of the company’s stock, valued at $6,326,424. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Seacoast Banking Co. of Florida news, Director Dennis S. Hudson III sold 16,000 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total transaction of $432,000.00. Following the completion of the transaction, the director now directly owns 234,312 shares in the company, valued at $6,326,424. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James C. Stallings III sold 3,855 shares of Seacoast Banking Co. of Florida 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 completion of the sale, the executive vice president now owns 3,961 shares in the company, valued at approximately $96,806.84. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

Seacoast Banking Co. of Florida Company Profile

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.