Seacoast Banking Co. of Florida (NASDAQ:SBCF) Issues Quarterly Earnings Results

Seacoast Banking Co. of Florida (NASDAQ:SBCF) posted 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 company had revenue of $130.30 million during the quarter, compared to analysts’ expectations 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 last year, the firm earned $0.37 EPS.

Seacoast Banking Co. of Florida Price Performance

Shares of SBCF stock traded down $0.57 during mid-day trading on Friday, reaching $26.50. The stock had a trading volume of 171,043 shares, compared to its average volume of 409,425. The company has a market cap of $2.25 billion, a P/E ratio of 19.47 and a beta of 1.07. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. Seacoast Banking Co. of Florida has a 12-month low of $19.67 and a 12-month high of $29.98. The business has a 50-day simple moving average of $26.75 and a 200 day simple moving average of $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 given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.72%. Seacoast Banking Co. of Florida’s payout ratio is 51.80%.

Analyst Upgrades and Downgrades

SBCF has been the subject of several analyst reports. Truist Financial upped their price target 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. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $29.00 to $31.00 in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $31.00 price target on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Seacoast Banking Co. of Florida presently has an average 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.