Seacoast Banking Co. of Florida (NASDAQ:SBCF) Shares Up 2.4% Following Dividend Announcement

Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) traded up 2.4% during mid-day trading on Friday after the company announced a dividend. The company traded as high as $25.40 and last traded at $25.66. 42,501 shares were traded during mid-day trading, a decline of 90% from the average session volume of 420,015 shares. The stock had previously closed at $25.05.

The newly announced dividend which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.79%. Seacoast Banking Co. of Florida's payout ratio is presently 48.32%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods decreased their price objective on Seacoast Banking Co. of Florida from $32.00 to $31.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Stephens decreased their price objective on Seacoast Banking Co. of Florida from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Monday, April 28th. Finally, Wall Street Zen downgraded Seacoast Banking Co. of Florida from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $29.40.

Seacoast Banking Co. of Florida Stock Performance

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.16. The stock has a 50 day simple moving average of $24.24 and a two-hundred day simple moving average of $26.69. The stock has a market capitalization of $2.22 billion, a P/E ratio of 18.08 and a beta of 0.89.

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.38 earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $140.70 million during the quarter, compared to the consensus estimate of $138.41 million. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. On average, equities analysts forecast that Seacoast Banking Co. of Florida will post 1.71 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SBCF. Opal Wealth Advisors LLC bought a new position in shares of Seacoast Banking Co. of Florida during the 1st quarter worth approximately $27,000. Smartleaf Asset Management LLC boosted its stake in shares of Seacoast Banking Co. of Florida by 154.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,120 shares of the financial services provider's stock worth $31,000 after acquiring an additional 679 shares during the period. IFP Advisors Inc boosted its stake in shares of Seacoast Banking Co. of Florida by 343.9% during the 1st quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock worth $33,000 after acquiring an additional 994 shares during the period. Kestra Investment Management LLC bought a new position in shares of Seacoast Banking Co. of Florida during the 4th quarter worth approximately $34,000. Finally, GAMMA Investing LLC boosted its stake in shares of Seacoast Banking Co. of Florida by 38.0% during 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. 81.77% of the stock is currently owned by institutional investors.

About Seacoast Banking Co. of Florida

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.