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

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

Seacoast Banking Co. of Florida Stock Performance

Shares of SBCF stock traded down $0.74 during trading on Friday, reaching $26.33. 367,323 shares of the company's stock were exchanged, compared to its average volume of 410,505. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. The firm's fifty day moving average price is $26.75 and its 200-day moving average price is $25.10. Seacoast Banking Co. of Florida has a twelve month low of $19.67 and a twelve month high of $29.98. The stock has a market capitalization of $2.24 billion, a PE ratio of 18.94 and a beta of 1.07.

Seacoast Banking Co. of Florida Announces Dividend

The firm 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 $0.18 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.72 annualized dividend and a yield of 2.73%. Seacoast Banking Co. of Florida's dividend payout ratio is 51.80%.

Analysts Set New Price Targets

SBCF has been the topic of several recent analyst reports. Truist Financial lifted their target price on 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. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Finally, Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an "outperform" rating to a "market perform" rating and raised their target price for the stock from $29.00 to $31.00 in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.