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

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01, FiscalAI reports. The company had revenue of $209.99 million during the quarter, compared to analysts’ expectations of $209.84 million. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%.

Seacoast Banking Corporation of Florida Stock Up 1.2%

Shares of NASDAQ:SBCF traded up $0.39 during trading on Tuesday, hitting $33.65. The company’s stock had a trading volume of 874,488 shares, compared to its average volume of 837,896. The company 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 has a fifty-two week low of $27.22 and a fifty-two week high of $35.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78. The stock’s 50-day moving average price is $31.83 and its two-hundred day moving average price is $31.92.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.19 per share. 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 presently 50.00%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director Dennis S. Hudson III sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total transaction of $251,280.00. Following the completion of the sale, the director owned 220,854 shares of the company’s stock, valued at approximately $6,937,024.14. This trade represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James C. Stallings III sold 7,552 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were 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 directly owned 7,247 shares in the company, valued at $225,816.52. This represents a 51.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 29,919 shares of company stock worth $942,733. 1.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its holdings in Seacoast Banking Corporation of Florida by 54.2% in the second quarter. BNP Paribas Financial Markets now owns 8,843 shares of the financial services provider’s stock valued at $244,000 after buying an additional 3,108 shares during the last quarter. Cerity Partners LLC bought a new position in Seacoast Banking Corporation of Florida during the 2nd quarter worth approximately $239,000. Inceptionr LLC bought a new position in Seacoast Banking Corporation of Florida during the 3rd quarter worth approximately $227,000. Abel Hall LLC acquired a new position in shares of Seacoast Banking Corporation of Florida in the 4th quarter worth approximately $223,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of Seacoast Banking Corporation of Florida in the 4th quarter worth approximately $222,000. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Company Profile

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.