Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Plans $0.19 Quarterly Dividend

Key Points

• Seacoast Banking Corporation of Florida declared a quarterly dividend of $0.19 per share, payable on September 30 to shareholders of record on September 15. The dividend implies an annualized yield of about 2.3%.
• The bank’s dividend appears well covered, with a 35.0% payout ratio and an expected future payout ratio of 27.6% based on analyst earnings estimates.
• SBCF shares rose 1.7% to $33.61, while analysts currently have a Moderate Buy consensus with an average price target of $35.00.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) declared a quarterly dividend on Thursday, July 23rd. Investors of record on Tuesday, September 15th will be given a dividend of 0.19 per share by the financial services provider on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Tuesday, September 15th.

Seacoast Banking Corporation of Florida has a payout ratio of 35.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Seacoast Banking Corporation of Florida to earn $2.75 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 27.6%.

Seacoast Banking Corporation of Florida Stock Up 1.7%

Shares of SBCF traded up $0.56 during mid-day trading on Friday, hitting $33.61. 302,530 shares of the company's stock were exchanged, compared to its average volume of 835,924. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of 22.12 and a beta of 0.85. Seacoast Banking Corporation of Florida has a twelve month low of $27.22 and a twelve month high of $35.55. The firm has a fifty day moving average of $31.70 and a two-hundred day moving average of $31.91.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $205.51 million. During the same period last year, the company earned $0.38 earnings per share. The business's revenue was up 45.8% compared to the same quarter last year. On average, sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 2.51 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on SBCF. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Piper Sandler upped their price target on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the stock a "neutral" rating in a report on Monday, June 22nd. Finally, Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

About Seacoast Banking Corporation of Florida

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.