Seacoast Banking Co. of Florida (NASDAQ:SBCF) Posts Quarterly Earnings Results, Meets Expectations

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

Seacoast Banking Co. of Florida Stock Down 2.7 %

Shares of NASDAQ SBCF traded down $0.74 during midday trading on Friday, reaching $26.33. 367,323 shares of the company’s stock traded hands, compared to its average volume of 410,505. The company 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 has a one year low of $19.67 and a one year high of $29.98. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $26.75 and its 200-day simple moving average is $25.10.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio is 51.80%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SBCF shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Truist Financial increased their price objective on shares of Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $29.00 to $31.00 in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.