Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Declares $0.18 Quarterly Dividend

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) declared a quarterly dividend on Friday, July 18th, Wall Street Journal reports. Stockholders of record on Monday, September 15th will be paid a dividend of 0.18 per share by the financial services provider on Tuesday, September 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, September 15th.

Seacoast Banking Corporation of Florida has a payout ratio of 33.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Seacoast Banking Corporation of Florida to earn $1.94 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 37.1%.

Seacoast Banking Corporation of Florida Trading Down 0.1%

Shares of NASDAQ:SBCF traded down $0.03 during mid-day trading on Friday, hitting $29.17. The company had a trading volume of 587,416 shares, compared to its average volume of 450,923. The firm has a fifty day moving average price of $26.60 and a 200 day moving average price of $26.24. The company has a market capitalization of $2.51 billion, a PE ratio of 19.58 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.85. Seacoast Banking Corporation of Florida has a one year low of $21.36 and a one year high of $31.68.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.02). The company had revenue of $140.70 million during the quarter, compared to the consensus estimate of $138.41 million. Seacoast Banking Corporation of Florida had a net margin of 15.44% and a return on equity of 6.11%. The company's quarterly revenue was up 12.0% on a year-over-year basis. As a group, research analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Seacoast Banking Corporation of Florida by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider's stock worth $1,293,000 after acquiring an additional 2,187 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Seacoast Banking Corporation of Florida by 123.4% during the 1st quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider's stock worth $2,133,000 after acquiring an additional 45,792 shares during the last quarter. Royal Bank of Canada boosted its holdings in Seacoast Banking Corporation of Florida by 41.5% during the 1st quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider's stock worth $2,777,000 after acquiring an additional 31,636 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in Seacoast Banking Corporation of Florida during the 1st quarter worth $4,817,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Seacoast Banking Corporation of Florida Company Profile

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.