Seacoast Banking Corporation of Florida (NASDAQ:SBCF) to Issue Dividend Increase - $0.20 Per Share

Key Points

• Seacoast Banking Corporation of Florida increased its quarterly dividend 5.3% to $0.20 per share, payable December 31 to shareholders of record December 15. The annualized dividend is $0.80, yielding approximately 2.4%.
• The dividend appears well covered, with a current payout ratio of 35%; analysts expect earnings of $2.78 per share next year, implying a projected payout ratio of 27.3%.
• SBCF shares fell 0.5% to $33.48 in Friday trading. The company recently modestly exceeded quarterly earnings expectations, reporting $0.61 EPS versus the $0.60 consensus estimate.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) declared a quarterly dividend on Thursday, October 22nd. Stockholders of record on Tuesday, December 15th will be given a dividend of $0.20 per share by the financial services provider on Thursday, December 31st. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, December 15th. This is a 5.3% increase from Seacoast Banking Corporation of Florida's previous quarterly dividend of $0.19.

Seacoast Banking Corporation of Florida has a dividend payout ratio of 35.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Seacoast Banking Corporation of Florida to earn $2.78 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 27.3%.

Seacoast Banking Corporation of Florida Trading Down 0.5%

NASDAQ:SBCF traded down $0.17 during trading hours on Friday, hitting $33.48. 56,410 shares of the company were exchanged, compared to its average volume of 847,193. The company has a fifty day simple moving average of $33.44 and a 200 day simple moving average of $32.60. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.30 and a beta of 0.90. Seacoast Banking Corporation of Florida has a one year low of $28.69 and a one year high of $36.27.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. The business had revenue of $210.00 million for the quarter, compared to analysts' expectations of $209.84 million. Sell-side analysts expect that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 12,000 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $34.15, for a total value of $409,800.00. Following the completion of the sale, the director owned 206,869 shares of the company's stock, valued at approximately $7,064,576.35. The trade was a 5.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 that occurred on Thursday, August 27th. The shares were sold at an average price of $34.31, for a total transaction of $508,851.61. Following the sale, the executive vice president owned 78,321 shares of the company's stock, valued at $2,687,193.51. This trade represents a 15.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new position in shares of Seacoast Banking Corporation of Florida in the 2nd quarter valued at about $23,407,000. Bank of America Corp DE grew its stake in shares of Seacoast Banking Corporation of Florida by 97.4% during the first quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider's stock worth $14,056,000 after acquiring an additional 228,935 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Seacoast Banking Corporation of Florida by 43.2% in the first quarter. California State Teachers Retirement System now owns 118,324 shares of the financial services provider's stock valued at $3,584,000 after purchasing an additional 35,693 shares during the period. First Trust Advisors LP raised its holdings in shares of Seacoast Banking Corporation of Florida by 34.2% during the first quarter. First Trust Advisors LP now owns 193,549 shares of the financial services provider's stock worth $5,863,000 after purchasing an additional 49,301 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in Seacoast Banking Corporation of Florida in the 1st quarter worth approximately $1,302,000. Hedge funds and other institutional investors own 81.77% of the company's stock.

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.

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