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

Seacoast Banking Co. of Florida (NASDAQ:SBCF) announced a quarterly dividend on Thursday, April 18th, Zacks reports. Investors of record on Friday, June 14th will be paid a dividend of 0.18 per share by the financial services provider on Friday, June 28th. This represents a $0.72 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, June 14th.

Seacoast Banking Co. of Florida has a dividend payout ratio of 42.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Seacoast Banking Co. of Florida to earn $1.68 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 42.9%.

Seacoast Banking Co. of Florida Trading Up 1.4 %

Shares of SBCF opened at $22.79 on Friday. The business has a 50-day moving average of $24.15 and a 200 day moving average of $24.32. Seacoast Banking Co. of Florida has a fifty-two week low of $17.93 and a fifty-two week high of $29.98. The firm has a market cap of $1.94 billion, a P/E ratio of 18.38 and a beta of 1.16. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.85 and a current ratio of 0.85.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.05). Seacoast Banking Co. of Florida had a return on equity of 5.04% and a net margin of 13.54%. The firm had revenue of $128.16 million during the quarter, compared to analysts’ expectations of $135.33 million. As a group, research analysts forecast that Seacoast Banking Co. of Florida will post 1.47 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Raymond James lifted their target price on Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Truist Financial reduced their target price on Seacoast Banking Co. of Florida from $28.00 to $27.00 and set a “hold” rating for the company in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $25.63.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in shares of Seacoast Banking Co. of Florida by 1.4% during the second quarter. BlackRock Inc. now owns 12,220,075 shares of the financial services provider’s stock worth $270,064,000 after purchasing an additional 169,421 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Seacoast Banking Co. of Florida by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 6,030,200 shares of the financial services provider’s stock worth $171,619,000 after purchasing an additional 206,002 shares in the last quarter. State Street Corp grew its holdings in shares of Seacoast Banking Co. of Florida by 5.5% during the second quarter. State Street Corp now owns 4,636,065 shares of the financial services provider’s stock worth $102,457,000 after purchasing an additional 240,107 shares in the last quarter. Capital World Investors grew its holdings in shares of Seacoast Banking Co. of Florida by 1.2% during the first quarter. Capital World Investors now owns 4,156,901 shares of the financial services provider’s stock worth $145,575,000 after purchasing an additional 50,000 shares in the last quarter. Finally, North Reef Capital Management LP grew its holdings in shares of Seacoast Banking Co. of Florida by 8.0% during the fourth quarter. North Reef Capital Management LP now owns 4,130,000 shares of the financial services provider’s stock worth $117,540,000 after purchasing an additional 305,000 shares in the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Seacoast Banking Co. of Florida Company Profile

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.