Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Announces Dividend Increase – $0.20 Per Share

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) announced a quarterly dividend on Thursday, October 22nd. Stockholders of record on Tuesday, December 15th will be paid a dividend of $0.20 per share by the financial services provider on Thursday, December 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, December 15th. This is a 5.3% increase from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19.

Seacoast Banking Corporation of Florida has a dividend payout ratio of 35.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Seacoast Banking Corporation of Florida to earn $2.78 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 27.3%.

Seacoast Banking Corporation of Florida Stock Up 0.2%

Shares of SBCF stock traded up $0.07 on Friday, hitting $33.73. 74,600 shares of the stock were exchanged, compared to its average volume of 847,253. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.27 billion, a P/E ratio of 21.47 and a beta of 0.90. The business has a 50-day moving average of $33.44 and a 200 day moving average of $32.60. Seacoast Banking Corporation of Florida has a fifty-two week low of $28.69 and a fifty-two week high of $36.27.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $210.00 million for the quarter, compared to analyst estimates of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. Equities analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday, September 25th. Raymond James Financial cut their price objective on shares of Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 13th. Finally, Piper Sandler boosted their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Seacoast Banking Corporation of Florida currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.50.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida is a bank holding company headquartered in Stuart, Florida. It operates primarily through Seacoast National Bank, which provides banking and financial services to individuals, businesses and institutions across Florida.

The company offers checking and savings accounts, certificates of deposit, commercial and residential real estate loans, consumer lending, business financing, treasury management and other deposit services. Through affiliated operations, Seacoast also provides wealth management, investment advisory and mortgage-related services.

Seacoast National Bank traces its roots to 1926 and has expanded its presence throughout Florida, including the Treasure Coast, Central Florida and South Florida.