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

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) announced a quarterly dividend on Thursday, October 17th, Zacks reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.18 per share by the financial services provider on Tuesday, December 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Friday, December 13th.

Seacoast Banking Co. of Florida has a dividend payout ratio of 45.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Seacoast Banking Co. of Florida to earn $1.59 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 45.3%.

Seacoast Banking Co. of Florida Price Performance

Shares of SBCF traded down $0.60 during trading hours on Friday, hitting $27.83. 588,690 shares of the stock were exchanged, compared to its average volume of 413,588. Seacoast Banking Co. of Florida has a 12-month low of $19.04 and a 12-month high of $29.98. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 19.88 and a beta of 1.07. The stock's 50-day moving average price is $26.64 and its two-hundred day moving average price is $25.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86.

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.02. The firm had revenue of $201.99 million during the quarter, compared to analysts' expectations of $126.00 million. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. During the same quarter last year, the company posted $0.37 EPS. Research analysts expect that Seacoast Banking Co. of Florida will post 1.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SBCF. Hovde Group cut shares of Seacoast Banking Co. of Florida from an "outperform" rating to a "market perform" rating and lifted their target price for the company from $29.00 to $31.00 in a report on Monday, July 29th. Truist Financial lifted 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 research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus 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.