Wall Street analysts expect Seacoast Banking Co. of Florida (NASDAQ:SBCF) to report sales of $64.69 million for the current quarter, according to Zacks. Four analysts have issued estimates for Seacoast Banking Co. of Florida’s earnings, with estimates ranging from $64.30 million to $65.30 million. Seacoast Banking Co. of Florida posted sales of $54.64 million during the same quarter last year, which suggests a positive year over year growth rate of 18.4%. The company is expected to announce its next earnings report on Thursday, July 26th.
On average, analysts expect that Seacoast Banking Co. of Florida will report full year sales of $262.42 million for the current fiscal year, with estimates ranging from $260.90 million to $265.10 million. For the next fiscal year, analysts anticipate that the company will post sales of $288.14 million per share, with estimates ranging from $279.70 million to $298.60 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that cover Seacoast Banking Co. of Florida.
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Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Thursday, April 26th. The financial services provider reported $0.40 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. The firm had revenue of $62.10 million for the quarter, compared to analysts’ expectations of $61.60 million. Seacoast Banking Co. of Florida had a net margin of 19.83% and a return on equity of 10.05%. The business’s revenue for the quarter was up 29.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share.
Several brokerages have issued reports on SBCF. Zacks Investment Research upgraded shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a report on Wednesday, March 28th. ValuEngine upgraded shares of Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating in a report on Saturday, April 21st. BidaskClub upgraded shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a report on Saturday, February 10th. Hovde Group raised shares of Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and decreased their price target for the company from $30.00 to $29.00 in a research report on Wednesday, February 7th. Finally, Raymond James lowered shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 29th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $29.00.
In other news, Director Roger Goldman sold 6,407 shares of Seacoast Banking Co. of Florida stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $27.41, for a total transaction of $175,615.87. Following the transaction, the director now owns 23,572 shares in the company, valued at approximately $646,108.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Charles K. Jr. Cross sold 1,754 shares of Seacoast Banking Co. of Florida stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $29.50, for a total value of $51,743.00. Following the transaction, the executive vice president now owns 16,681 shares in the company, valued at approximately $492,089.50. The disclosure for this sale can be found here. Insiders sold a total of 20,192 shares of company stock worth $566,620 in the last 90 days. 3.00% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in shares of Seacoast Banking Co. of Florida by 8.4% during the 4th quarter. Bank of New York Mellon Corp now owns 935,155 shares of the financial services provider’s stock worth $23,575,000 after acquiring an additional 72,813 shares during the period. Two Sigma Investments LP lifted its stake in Seacoast Banking Co. of Florida by 179.6% during the fourth quarter. Two Sigma Investments LP now owns 80,525 shares of the financial services provider’s stock worth $2,030,000 after purchasing an additional 51,727 shares during the last quarter. Swiss National Bank lifted its stake in Seacoast Banking Co. of Florida by 5.2% during the fourth quarter. Swiss National Bank now owns 62,200 shares of the financial services provider’s stock worth $1,568,000 after purchasing an additional 3,100 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Seacoast Banking Co. of Florida by 35.9% during the fourth quarter. Wells Fargo & Company MN now owns 72,229 shares of the financial services provider’s stock worth $1,821,000 after purchasing an additional 19,078 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Seacoast Banking Co. of Florida by 25.0% during the fourth quarter. Jennison Associates LLC now owns 2,002,000 shares of the financial services provider’s stock worth $50,470,000 after purchasing an additional 400,045 shares during the last quarter. Institutional investors and hedge funds own 82.85% of the company’s stock.
Shares of NASDAQ SBCF traded up $0.36 during mid-day trading on Tuesday, reaching $31.54. The company had a trading volume of 412,835 shares, compared to its average volume of 439,390. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.40. The stock has a market cap of $1.47 billion, a PE ratio of 24.64 and a beta of 0.64. Seacoast Banking Co. of Florida has a 52 week low of $20.58 and a 52 week high of $32.03.
About Seacoast Banking Co. of Florida
Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides financial services to business and retail customers in Florida. It offers commercial and retail banking, wealth management, and mortgage services; automated teller machines; online and mobile banking services; and brokerage and annuity services.
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