Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Issues Earnings Results

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) released its earnings results on Tuesday. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01, FiscalAI reports. The business had revenue of $217.50 million for the quarter, compared to analyst estimates of $216.32 million.

Seacoast Banking Corporation of Florida Stock Up 0.2%

Shares of SBCF stock opened at $33.73 on Wednesday. The firm has a fifty day moving average of $33.33 and a 200-day moving average of $32.50. Seacoast Banking Corporation of Florida has a 12-month low of $28.69 and a 12-month high of $36.27. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 21.48 and a beta of 0.90.

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, December 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio is currently 50.96%.

Insiders Place Their Bets

In related news, EVP Juliette Kleffel sold 14,831 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $34.31, for a total value of $508,851.61. Following the sale, the executive vice president owned 78,321 shares of the company’s stock, valued at approximately $2,687,193.51. The trade was a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis S. Hudson III sold 12,000 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the sale, the director owned 206,869 shares in the company, valued at $7,064,576.35. The trade was a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

SBCF has been the topic of several analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. Raymond James Financial decreased their price target on shares of Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an “outperform” rating for the company in a report on Tuesday, October 13th. Finally, Piper Sandler upped their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.50.

Seacoast Banking Corporation of Florida News Summary

Here are the key news stories impacting Seacoast Banking Corporation of Florida this week:

• Positive Sentiment: Earnings exceeded expectations: Seacoast reported quarterly adjusted EPS of $0.66, compared with the $0.65 analyst consensus and $0.52 a year earlier. Revenue was reported at approximately $215 million to $217.5 million, around or modestly above the roughly $216.3 million estimate. Seacoast Banking Surpasses Q3 Earnings and Revenue Estimates
• Positive Sentiment: Strong operating growth: Net income reached $59.9 million, up 64% from the year-earlier quarter, while net interest income rose 37% to $183.4 million. Loan balances increased by $428.8 million, representing 13% annualized growth, indicating solid underlying demand. Seacoast Reports Third-Quarter Profit and Revenue
• Positive Sentiment: Capital return continued: The company repurchased more than 1.2 million shares year to date, which can support per-share results and signal management confidence in the valuation. Seacoast Reports Record Third-Quarter Results
• Neutral Sentiment: Merger-related costs remain elevated: Noninterest expense totaled $133.3 million, including $15.5 million in merger and integration expenses. These costs may pressure near-term profitability but could be temporary if the integration produces expected efficiencies.
• Neutral Sentiment: Short interest was negligible: Reported short interest stood at zero shares as of October 26, suggesting limited evidence of significant bearish positioning.
• Negative Sentiment: Insider selling may temper enthusiasm: Company insiders recorded six open-market sales and no purchases during the past six months. While insider sales do not necessarily indicate deteriorating fundamentals, the absence of insider buying is a less supportive signal.

Seacoast Banking Corporation of Florida Company Profile

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.