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

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

Seacoast Banking Corporation of Florida Trading Up 0.2%

Shares of NASDAQ:SBCF traded up $0.07 during midday trading on Tuesday, hitting $33.73. The company had a trading volume of 1,341,000 shares, compared to its average volume of 851,397. The firm has a fifty day simple moving average of $33.37 and a 200 day simple moving average of $32.49. Seacoast Banking Corporation of Florida has a 12 month low of $28.69 and a 12 month high of $36.27. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 21.48 and a beta of 0.90. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 2.4%. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 48.41%.

Insider Transactions at Seacoast Banking Corporation of Florida

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SBCF shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday, September 25th. Piper Sandler boosted their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Raymond James Financial cut their target price on shares of Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an “outperform” rating for the company in a research report on Tuesday, October 13th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Seacoast Banking Corporation of Florida presently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

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.