Seacoast Banking Co. of Florida (NASDAQ:SBCF) Shares Gap Down Following Weak Earnings

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $23.87, but opened at $22.22. Seacoast Banking Co. of Florida shares last traded at $23.52, with a volume of 90,228 shares changing hands.

The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.02). Seacoast Banking Co. of Florida had a net margin of 14.95% and a return on equity of 5.91%. The business had revenue of $140.70 million for the quarter, compared to analysts' expectations of $138.41 million. Seacoast Banking Co. of Florida's revenue for the quarter was up 12.0% compared to the same quarter last year.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.18 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.03%. Seacoast Banking Co. of Florida's dividend payout ratio (DPR) is 48.32%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Stephens lowered their price target on shares of Seacoast Banking Co. of Florida from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Monday. Raymond James reiterated an "outperform" rating and set a $31.00 target price (up previously from $29.00) on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, January 29th. StockNews.com lowered shares of Seacoast Banking Co. of Florida from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Seacoast Banking Co. of Florida from $32.00 to $31.00 and set an "outperform" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $29.40.

Hedge Funds Weigh In On Seacoast Banking Co. of Florida

Several hedge funds have recently bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new stake in Seacoast Banking Co. of Florida during the 1st quarter worth about $27,000. Smartleaf Asset Management LLC grew its holdings in shares of Seacoast Banking Co. of Florida by 154.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,120 shares of the financial services provider's stock worth $31,000 after buying an additional 679 shares in the last quarter. Kestra Investment Management LLC purchased a new position in shares of Seacoast Banking Co. of Florida during the fourth quarter valued at approximately $34,000. GAMMA Investing LLC grew its stake in Seacoast Banking Co. of Florida by 38.0% in the 1st quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock worth $43,000 after acquiring an additional 460 shares during the period. Finally, Sterling Capital Management LLC raised its holdings in Seacoast Banking Co. of Florida by 811.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider's stock valued at $73,000 after acquiring an additional 2,370 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company's stock.

Seacoast Banking Co. of Florida Stock Down 1.2 %

The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 16.62 and a beta of 0.97. The firm has a fifty day moving average price of $25.05 and a 200-day moving average price of $27.14. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.16.

Seacoast Banking Co. of Florida Company Profile

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.