Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Shares Gap Up on Strong Earnings

Key Points

• Seacoast Banking Corporation of Florida (NASDAQ:SBCF) shares opened at $29.76 after a better-than-expected earnings report, closing at $29.18 with significant trading volume.
• The company reported an EPS of $0.52, surpassing analysts' expectations of $0.42, along with revenue of $151.40 million, exceeding projections.
• A quarterly dividend of $0.18 has been announced, with a yield of 2.49% and a payout ratio of 48.32%.
• Institutional investors hold 81.77% of Seacoast Banking's shares, indicating strong confidence in the company's performance.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $28.81, but opened at $29.76. Seacoast Banking Corporation of Florida shares last traded at $29.18, with a volume of 34,526 shares changing hands.

The financial services provider reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. The company had revenue of $151.40 million for the quarter, compared to analysts' expectations of $146.08 million. Seacoast Banking Corporation of Florida had a net margin of 15.44% and a return on equity of 6.11%. During the same quarter last year, the company earned $0.36 EPS.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida's payout ratio is presently 48.32%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Stephens decreased their target price on shares of Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Monday, April 28th. Hovde Group lifted their target price on shares of Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 4th. Keefe, Bruyette & Woods raised their price target on shares of Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Finally, Wall Street Zen lowered shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "sell" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $29.20.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of large investors have recently modified their holdings of the stock. North Reef Capital Management LP lifted its position in Seacoast Banking Corporation of Florida by 3.7% during the 4th quarter. North Reef Capital Management LP now owns 4,230,000 shares of the financial services provider's stock valued at $116,452,000 after acquiring an additional 150,000 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Seacoast Banking Corporation of Florida by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,985,685 shares of the financial services provider's stock worth $82,195,000 after buying an additional 16,214 shares during the last quarter. Westwood Holdings Group Inc. grew its stake in shares of Seacoast Banking Corporation of Florida by 27.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,869,563 shares of the financial services provider's stock worth $73,834,000 after buying an additional 622,709 shares during the last quarter. Deprince Race & Zollo Inc. raised its holdings in Seacoast Banking Corporation of Florida by 0.7% in the fourth quarter. Deprince Race & Zollo Inc. now owns 2,011,523 shares of the financial services provider's stock worth $55,377,000 after buying an additional 14,536 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 3.2% in the first quarter. Segall Bryant & Hamill LLC now owns 1,916,743 shares of the financial services provider's stock worth $49,318,000 after buying an additional 58,560 shares in the last quarter. Institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Price Performance

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The firm's fifty day moving average price is $26.85 and its two-hundred day moving average price is $26.30. The stock has a market capitalization of $2.49 billion, a PE ratio of 19.43 and a beta of 0.94.

About Seacoast Banking Corporation 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.

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