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

Key Points

• Seacoast Banking exceeded quarterly expectations, reporting earnings of $0.66 per share versus the $0.65 consensus estimate and revenue of $217.50 million, slightly above forecasts.
• The company raised its quarterly dividend to $0.20 per share from $0.19, implying an annualized dividend of $0.80 and a 2.4% yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $36.50, while SBCF shares recently traded at $33.73; two insiders also sold shares under a pre-arranged trading plan.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) announced its earnings results on Tuesday. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.01, FiscalAI reports. The firm had revenue of $217.50 million for the quarter, compared to the consensus estimate 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 Stock Performance

Seacoast Banking Corporation of Florida stock traded up $0.07 during midday trading on Tuesday, reaching $33.73. The stock had a trading volume of 1,340,997 shares, compared to its average volume of 850,933. The firm has a market capitalization of $3.27 billion, a PE ratio of 21.48 and a beta of 0.90. Seacoast Banking Corporation of Florida has a 12 month low of $28.69 and a 12 month high of $36.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35. The firm's 50-day moving average price is $33.37 and its 200 day moving average price is $32.49.

Seacoast Banking Corporation of Florida Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a $0.20 dividend. This is an increase from Seacoast Banking Corporation of Florida's previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.80 annualized dividend and a yield of 2.4%. Seacoast Banking Corporation of Florida's payout ratio is 48.41%.

Analysts Set New Price Targets

A number of brokerages recently commented on SBCF. Weiss Ratings reiterated a "buy (b-)" rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. Piper Sandler raised their price objective on shares of 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 lowered their price objective on shares of Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 13th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.50.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, EVP Juliette Kleffel sold 14,831 shares of the company'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 directly owned 78,321 shares in the company, valued at approximately $2,687,193.51. This represents a 15.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $409,800.00. Following the completion of the transaction, the director directly owned 206,869 shares of the company's stock, valued at approximately $7,064,576.35. This trade represents a 5.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by company insiders.

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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