Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Announces Quarterly Earnings Results

Key Points

• Seacoast Banking (NASDAQ:SBCF) reported quarterly EPS of $0.62, beating the $0.58 consensus, with revenue of $205.07M and revenue up 45.8% year-over-year.
• The company declared a quarterly dividend of $0.19 per share (annualized $0.76) for a yield of 2.4%, with an ex-dividend date of June 15 and payment on June 30.
• Insiders sold 29,752 shares in the last quarter (about $976,846), leaving insider ownership at roughly 1.5%; the stock trades near $31.73 with a market cap of about $3.1B and a P/E of ~19.8.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) released its earnings results on Tuesday. The financial services provider reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.04, FiscalAI reports. The company had revenue of $205.07 million for the quarter, compared to the consensus estimate of $205.49 million. Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.Seacoast Banking Corporation of Florida's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.38 EPS.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ SBCF traded up $0.10 during trading hours on Tuesday, hitting $31.73. The company had a trading volume of 1,033,142 shares, compared to its average volume of 749,503. Seacoast Banking Corporation of Florida has a fifty-two week low of $23.17 and a fifty-two week high of $35.55. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35. The business has a fifty day simple moving average of $31.27 and a 200-day simple moving average of $31.77. The firm has a market cap of $3.10 billion, a P/E ratio of 19.83 and a beta of 0.91.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, June 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 47.50%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Zacks Research lowered Seacoast Banking Corporation of Florida from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 29th. Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, February 2nd. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida has an average rating of "Moderate Buy" and an average target price of $33.38.

Insider Activity at Seacoast Banking Corporation of Florida

In related news, EVP Joseph M. Forlenza sold 12,635 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $32.90, for a total value of $415,691.50. Following the sale, the executive vice president directly owned 42,392 shares in the company, valued at $1,394,696.80. This trade represents a 22.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Maryann Goebel sold 3,419 shares of the business's stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $34.23, for a total transaction of $117,032.37. Following the transaction, the director directly owned 6,000 shares of the company's stock, valued at $205,380. The trade was a 36.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 29,752 shares of company stock valued at $976,846. Company insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of hedge funds have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new position in Seacoast Banking Corporation of Florida in the 4th quarter worth approximately $26,000. Measured Wealth Private Client Group LLC acquired a new stake in Seacoast Banking Corporation of Florida in the 3rd quarter valued at approximately $33,000. Advisory Services Network LLC bought a new stake in Seacoast Banking Corporation of Florida during the 3rd quarter valued at $45,000. Kestra Advisory Services LLC acquired a new position in Seacoast Banking Corporation of Florida during the 4th quarter worth $50,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Seacoast Banking Corporation of Florida during the 4th quarter worth $56,000. Institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.