Seacoast Banking Co. of Florida (NASDAQ:SBCF) Shares Gap Down on Disappointing Earnings

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) shares gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $23.87, but opened at $22.22. Seacoast Banking Co. of Florida shares last traded at $23.52, with a volume of 90,228 shares.

The financial services provider reported $0.38 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.02). The firm had revenue of $140.70 million for the quarter, compared to analysts' expectations of $138.41 million. Seacoast Banking Co. of Florida had a net margin of 14.95% and a return on equity of 5.91%. Seacoast Banking Co. of Florida's revenue for the quarter was up 12.0% on a year-over-year basis.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.99%. Seacoast Banking Co. of Florida's payout ratio is currently 48.32%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Raymond James reiterated an "outperform" rating and set a $31.00 target price (up from $29.00) on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, January 29th. StockNews.com cut Seacoast Banking Co. of Florida from a "hold" rating to a "sell" rating in a research report on Friday. Finally, Stephens decreased their target price on Seacoast Banking Co. of Florida from $28.00 to $26.00 and set an "equal weight" rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $29.40.

Hedge Funds Weigh In On Seacoast Banking Co. of Florida

A number of institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in Seacoast Banking Co. of Florida by 182.3% in the fourth quarter. JPMorgan Chase & Co. now owns 680,337 shares of the financial services provider's stock valued at $18,730,000 after acquiring an additional 439,346 shares during the period. Raymond James Financial Inc. bought a new position in shares of Seacoast Banking Co. of Florida in the 4th quarter worth approximately $6,850,000. Tributary Capital Management LLC boosted its holdings in shares of Seacoast Banking Co. of Florida by 44.4% in the fourth quarter. Tributary Capital Management LLC now owns 654,854 shares of the financial services provider's stock worth $18,028,000 after buying an additional 201,494 shares during the last quarter. Invesco Ltd. grew its position in Seacoast Banking Co. of Florida by 94.5% during the fourth quarter. Invesco Ltd. now owns 405,500 shares of the financial services provider's stock valued at $11,163,000 after buying an additional 197,067 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in Seacoast Banking Co. of Florida by 39.1% during the fourth quarter. Nuveen Asset Management LLC now owns 648,144 shares of the financial services provider's stock valued at $17,843,000 after buying an additional 182,350 shares during the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

Seacoast Banking Co. of Florida Trading Up 1.6 %

The stock's fifty day simple moving average is $25.15 and its 200 day simple moving average is $27.16. The firm has a market capitalization of $2.06 billion, a PE ratio of 16.82 and a beta of 0.97. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.16.

Seacoast Banking Co. of Florida Company Profile

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.