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

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

Seacoast Banking Co. of Florida Trading Down 2.7 %

Shares of SBCF opened at $26.33 on Friday. The stock’s 50-day moving average price is $26.75 and its 200 day moving average price is $25.12. 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 firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 18.94 and a beta of 1.07. Seacoast Banking Co. of Florida has a 12-month low of $19.67 and a 12-month high of $29.98.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid 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 payout ratio is presently 51.80%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Truist Financial lifted their price objective on Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Hovde Group lowered Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and raised their target price for the company 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 assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Seacoast Banking Co. of Florida has a consensus rating of “Hold” and a consensus price target 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.