Seacoast Banking Co. of Florida (NASDAQ:SBCF) Issues Quarterly Earnings Results, Meets Expectations

Seacoast Banking Co. of Florida (NASDAQ:SBCF) issued its quarterly earnings results on Thursday. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36, Briefing.com reports. Seacoast Banking Co. of Florida had a return on equity of 5.58% and a net margin of 14.84%. The firm had revenue of $130.30 million during the quarter, compared to analyst estimates of $129.20 million. During the same period last year, the company posted $0.37 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis.

Seacoast Banking Co. of Florida Stock Performance

Shares of SBCF opened at $26.33 on Friday. The company has a 50-day moving average of $26.75 and a two-hundred day moving average of $25.12. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 18.94 and a beta of 1.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. Seacoast Banking Co. of Florida has a one year low of $19.67 and a one year high of $29.98.

Seacoast Banking Co. of Florida Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio is presently 51.80%.

Analysts Set New Price Targets

SBCF has been the subject of several research reports. Hovde Group cut Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and raised their target price for the company from $29.00 to $31.00 in a research note on Monday, July 29th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Finally, Truist Financial boosted their target price on shares of Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $29.88.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.