Seacoast Banking Co. of Florida (NASDAQ:SBCF) Shares Gap Up After Dividend Announcement

Seacoast Banking Co. of Florida (NASDAQ:SBCF)’s stock price gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $22.79, but opened at $23.36. Seacoast Banking Co. of Florida shares last traded at $23.46, with a volume of 51,394 shares changing hands.

The newly announced dividend which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.18 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.11%. Seacoast Banking Co. of Florida’s payout ratio is currently 51.43%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Hovde Group dropped their price objective on shares of Seacoast Banking Co. of Florida from $31.00 to $29.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Truist Financial dropped their price objective on shares of Seacoast Banking Co. of Florida from $27.00 to $25.00 and set a “hold” rating on the stock in a report on Monday, April 29th. Finally, Keefe, Bruyette & Woods raised shares of Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $26.00 to $27.00 in a report on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $26.30.

Seacoast Banking Co. of Florida Stock Performance

The firm’s 50-day moving average price is $23.75 and its two-hundred day moving average price is $24.87. The firm has a market capitalization of $1.97 billion, a PE ratio of 16.28 and a beta of 1.17. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.10.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.03). The firm had revenue of $125.58 million during the quarter, compared to analysts’ expectations of $127.95 million. Seacoast Banking Co. of Florida had a return on equity of 5.68% and a net margin of 15.08%. As a group, research analysts predict that Seacoast Banking Co. of Florida will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other Seacoast Banking Co. of Florida news, EVP James C. Stallings III sold 3,855 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $24.44, for a total value of $94,216.20. Following the sale, the executive vice president now owns 3,961 shares of the company’s stock, valued at approximately $96,806.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SBCF. GAMMA Investing LLC acquired a new stake in shares of Seacoast Banking Co. of Florida in the fourth quarter valued at approximately $25,000. Good Life Advisors LLC bought a new stake in shares of Seacoast Banking Co. of Florida in the fourth quarter valued at about $205,000. Janney Montgomery Scott LLC boosted its position in shares of Seacoast Banking Co. of Florida by 6.0% in the first quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 460 shares during the period. Xcel Wealth Management LLC bought a new stake in shares of Seacoast Banking Co. of Florida in the fourth quarter valued at about $238,000. Finally, SG Americas Securities LLC bought a new stake in Seacoast Banking Co. of Florida during the first quarter worth about $263,000. Institutional investors own 81.77% of the company’s stock.

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.