Seacoast Banking Co. of Florida (NASDAQ:SBCF) Increases Dividend to $0.17 Per Share

Seacoast Banking Co. of Florida (NASDAQ:SBCFGet Rating) declared a quarterly dividend on Tuesday, April 19th, Zacks reports. Stockholders of record on Wednesday, June 15th will be given a dividend of 0.17 per share by the financial services provider on Thursday, June 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Tuesday, June 14th. This is a boost from Seacoast Banking Co. of Florida’s previous quarterly dividend of $0.13.

Seacoast Banking Co. of Florida has a dividend payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Seacoast Banking Co. of Florida to earn $2.40 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 21.7%.

SBCF stock opened at $35.21 on Thursday. The stock has a market capitalization of $2.16 billion, a P/E ratio of 16.15 and a beta of 1.20. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. Seacoast Banking Co. of Florida has a 12 month low of $29.28 and a 12 month high of $39.31. The firm has a 50-day moving average price of $35.17 and a 200-day moving average price of $35.79.

Seacoast Banking Co. of Florida (NASDAQ:SBCFGet Rating) last issued its quarterly earnings data on Thursday, January 27th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.09. The business had revenue of $91.00 million during the quarter, compared to analyst estimates of $88.69 million. Seacoast Banking Co. of Florida had a net margin of 35.05% and a return on equity of 10.93%. During the same quarter last year, the business earned $0.55 EPS. As a group, equities analysts predict that Seacoast Banking Co. of Florida will post 2.06 EPS for the current fiscal year.

In related news, CEO Charles M. Shaffer sold 10,500 shares of Seacoast Banking Co. of Florida stock in a transaction on Tuesday, February 1st. The shares were sold at an average price of $36.35, for a total value of $381,675.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Co. of Florida stock in a transaction on Wednesday, February 2nd. The shares were sold at an average price of $36.35, for a total transaction of $290,800.00. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its stake in Seacoast Banking Co. of Florida by 48.6% during the 2nd quarter. Royal Bank of Canada now owns 5,187 shares of the financial services provider’s stock valued at $178,000 after acquiring an additional 1,697 shares in the last quarter. Susquehanna International Group LLP bought a new position in Seacoast Banking Co. of Florida during the 4th quarter valued at $239,000. Two Sigma Advisers LP bought a new position in Seacoast Banking Co. of Florida during the 3rd quarter valued at $325,000. LPL Financial LLC bought a new position in Seacoast Banking Co. of Florida during the 4th quarter valued at $384,000. Finally, Stifel Financial Corp lifted its stake in Seacoast Banking Co. of Florida by 3.6% during the 4th quarter. Stifel Financial Corp now owns 13,665 shares of the financial services provider’s stock valued at $484,000 after acquiring an additional 475 shares in the last quarter. 82.61% of the stock is owned by institutional investors and hedge funds.

SBCF has been the subject of a number of research reports. Keefe, Bruyette & Woods initiated coverage on shares of Seacoast Banking Co. of Florida in a report on Monday, January 17th. They issued a “market perform” rating for the company. Zacks Investment Research raised shares of Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Tuesday, April 5th. Finally, StockNews.com downgraded shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a research report on Wednesday, April 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.67.

About Seacoast Banking Co. of Florida (Get Rating)

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides financial services to retail and commercial customers in Florida. It offers commercial and retail banking, wealth management, and mortgage services; and brokerage and annuity services.

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Dividend History for Seacoast Banking Co. of Florida (NASDAQ:SBCF)

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