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

Key Points

• Seacoast Banking Corporation of Florida beat quarterly earnings expectations, reporting $0.61 in EPS versus the $0.60 consensus estimate, while revenue of $209.99 million was slightly above forecasts.
• The company declared a quarterly dividend of $0.19 per share, equivalent to $0.76 annually and a 2.3% yield.
• Analyst sentiment is moderately positive, with three Buy ratings and two Holds and a consensus price target of $35.00; however, insiders sold 29,919 shares worth about $942,733 over the past quarter.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) released its quarterly earnings results on Tuesday. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.01, FiscalAI reports. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The business had revenue of $209.99 million for the quarter, compared to analysts' expectations of $209.84 million.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ SBCF traded up $0.39 during trading on Tuesday, reaching $33.65. The company had a trading volume of 874,488 shares, compared to its average volume of 837,896. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a twelve month low of $27.22 and a twelve month high of $35.55. The stock has a 50-day moving average price of $31.83 and a two-hundred day moving average price of $31.92. The stock has a market capitalization of $3.27 billion, a PE ratio of 22.14 and a beta of 0.85.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Seacoast Banking Corporation of Florida's payout ratio is 50.00%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings raised Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Piper Sandler upped their target price on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a "neutral" rating in a report on Monday, June 22nd. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $35.00.

Insider Activity at Seacoast Banking Corporation of Florida

In related news, EVP James C. Stallings III sold 7,552 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total transaction of $235,320.32. Following the completion of the sale, the executive vice president owned 7,247 shares in the company, valued at approximately $225,816.52. This trade represents a 51.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dennis S. Hudson III sold 4,000 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the transaction, the director directly owned 216,854 shares of the company's stock, valued at $7,373,036. The trade was a 1.81% decrease in their position. 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. Insiders have sold a total of 29,919 shares of company stock valued at $942,733 over the last quarter. Insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Institutional investors have recently modified their holdings of the company. First National Bank of Omaha boosted its position in Seacoast Banking Corporation of Florida by 4.8% during the fourth quarter. First National Bank of Omaha now owns 23,881 shares of the financial services provider's stock worth $750,000 after acquiring an additional 1,086 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Seacoast Banking Corporation of Florida by 140.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,277 shares of the financial services provider's stock valued at $647,000 after acquiring an additional 12,434 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Seacoast Banking Corporation of Florida by 10.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,059 shares of the financial services provider's stock worth $610,000 after acquiring an additional 1,937 shares during the period. iSAM Funds UK Ltd lifted its holdings in shares of Seacoast Banking Corporation of Florida by 42.2% during the 4th quarter. iSAM Funds UK Ltd now owns 19,238 shares of the financial services provider's stock worth $604,000 after acquiring an additional 5,713 shares during the period. Finally, Amundi boosted its position in shares of Seacoast Banking Corporation of Florida by 8.1% in the third quarter. Amundi now owns 15,158 shares of the financial services provider's stock worth $477,000 after acquiring an additional 1,134 shares during the last quarter. Institutional investors and hedge funds own 81.77% of the company's stock.

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.

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