Brokerages Expect Seacoast Banking Corporation of Florida (SBCF) Will Post Quarterly Sales of $61.60 Million

Wall Street analysts expect Seacoast Banking Corporation of Florida (NASDAQ:SBCF) to report $61.60 million in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Seacoast Banking Corporation of Florida’s earnings. The lowest sales estimate is $58.80 million and the highest is $63.50 million. Seacoast Banking Corporation of Florida reported sales of $47.35 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 30.1%. The firm is scheduled to issue its next quarterly earnings results after the market closes on Thursday, January 25th.

According to Zacks, analysts expect that Seacoast Banking Corporation of Florida will report full year sales of $61.60 million for the current financial year, with estimates ranging from $218.80 million to $238.40 million. For the next year, analysts anticipate that the business will post sales of $271.84 million per share, with estimates ranging from $270.60 million to $273.70 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Seacoast Banking Corporation of Florida.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $57.10 million during the quarter, compared to the consensus estimate of $57.55 million. Seacoast Banking Corporation of Florida had a net margin of 18.48% and a return on equity of 9.37%. Seacoast Banking Corporation of Florida’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.28 EPS.

Several brokerages have recently issued reports on SBCF. BidaskClub lowered shares of Seacoast Banking Corporation of Florida from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Sandler O’Neill upgraded shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Thursday. FBR & Co restated a “buy” rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday, October 27th. Hovde Group restated a “hold” rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday. Finally, Zacks Investment Research downgraded shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Seacoast Banking Corporation of Florida currently has an average rating of “Buy” and an average price target of $27.80.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) opened at $26.82 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.77. The company has a market cap of $1,180.05, a price-to-earnings ratio of 22.60 and a beta of 0.77. Seacoast Banking Corporation of Florida has a one year low of $20.58 and a one year high of $27.50.

In other Seacoast Banking Corporation of Florida news, CEO Dennis S. Hudson III sold 8,000 shares of the firm’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $24.39, for a total value of $195,120.00. Following the completion of the transaction, the chief executive officer now owns 19,247 shares of the company’s stock, valued at $469,434.33. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Dennis S. Hudson III sold 2,300 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $24.22, for a total transaction of $55,706.00. Following the completion of the transaction, the chief executive officer now directly owns 19,247 shares of the company’s stock, valued at approximately $466,162.34. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Seacoast Banking Corporation of Florida by 6.7% during the second quarter. Vanguard Group Inc. now owns 1,629,756 shares of the financial services provider’s stock valued at $39,277,000 after buying an additional 101,925 shares during the period. Jennison Associates LLC grew its position in Seacoast Banking Corporation of Florida by 62.1% during the third quarter. Jennison Associates LLC now owns 1,601,955 shares of the financial services provider’s stock valued at $38,271,000 after buying an additional 613,947 shares during the period. Dimensional Fund Advisors LP grew its position in Seacoast Banking Corporation of Florida by 2.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,355,098 shares of the financial services provider’s stock valued at $32,374,000 after buying an additional 33,161 shares during the period. State Street Corp grew its position in Seacoast Banking Corporation of Florida by 26.0% during the second quarter. State Street Corp now owns 1,212,356 shares of the financial services provider’s stock valued at $29,218,000 after buying an additional 250,322 shares during the period. Finally, Lord Abbett & CO. LLC grew its position in Seacoast Banking Corporation of Florida by 44.4% during the second quarter. Lord Abbett & CO. LLC now owns 1,004,387 shares of the financial services provider’s stock valued at $24,206,000 after buying an additional 308,644 shares during the period. 79.54% of the stock is owned by hedge funds and other institutional investors.

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Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association (the Bank). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products to its customers.

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Earnings History and Estimates for Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

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