$54.82 Million in Sales Expected for Seacoast Banking Corporation of Florida (NASDAQ:SBCF) This Quarter

Brokerages expect that Seacoast Banking Corporation of Florida (NASDAQ:SBCF) will announce sales of $54.82 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Seacoast Banking Corporation of Florida’s earnings, with the highest sales estimate coming in at $56.10 million and the lowest estimate coming in at $52.20 million. Seacoast Banking Corporation of Florida reported sales of $47.44 million during the same quarter last year, which would suggest a positive year over year growth rate of 15.6%. The company is scheduled to issue its next earnings report on Wednesday, October 25th.

On average, analysts expect that Seacoast Banking Corporation of Florida will report full-year sales of $54.82 million for the current year, with estimates ranging from $203.70 million to $251.76 million. For the next year, analysts anticipate that the company will report sales of $257.66 million per share, with estimates ranging from $245.20 million to $268.10 million. Zacks Investment Research’s 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, July 27th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.29. The company had revenue of $54.60 million during the quarter, compared to analyst estimates of $53.90 million. Seacoast Banking Corporation of Florida had a net margin of 17.09% and a return on equity of 9.80%. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter last year, the business posted $0.24 EPS.

SBCF has been the subject of several research reports. Zacks Investment Research raised shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Wednesday, April 26th. FIG Partners raised shares of Seacoast Banking Corporation of Florida from a “market-perform” rating to an “outperform” rating in a research report on Friday, May 19th. Finally, BidaskClub downgraded shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Seacoast Banking Corporation of Florida currently has an average rating of “Buy” and an average price target of $22.60.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) opened at 23.37 on Tuesday. The firm’s 50 day moving average is $24.08 and its 200-day moving average is $23.51. Seacoast Banking Corporation of Florida has a 52 week low of $15.85 and a 52 week high of $25.88. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 26.00 and a beta of 0.78.

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In related news, Director Roger Goldman sold 3,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $22.55, for a total transaction of $67,650.00. Following the completion of the transaction, the director now owns 20,072 shares in the company, valued at $452,623.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP acquired a new position in shares of Seacoast Banking Corporation of Florida during the first quarter valued at approximately $37,908,000. Vanguard Group Inc. boosted its position in shares of Seacoast Banking Corporation of Florida by 37.6% in the first quarter. Vanguard Group Inc. now owns 1,527,831 shares of the financial services provider’s stock valued at $36,637,000 after buying an additional 417,334 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Seacoast Banking Corporation of Florida by 17.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,309,019 shares of the financial services provider’s stock valued at $31,391,000 after buying an additional 191,182 shares during the last quarter. Mendon Capital Advisors Corp boosted its position in shares of Seacoast Banking Corporation of Florida by 141.0% in the first quarter. Mendon Capital Advisors Corp now owns 1,306,346 shares of the financial services provider’s stock valued at $31,326,000 after buying an additional 764,260 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Seacoast Banking Corporation of Florida by 97.4% in the first quarter. State Street Corp now owns 962,034 shares of the financial services provider’s stock valued at $23,071,000 after buying an additional 474,704 shares during the last quarter. Institutional investors and hedge funds own 71.53% of the company’s stock.

About Seacoast Banking Corporation of Florida

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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