Seacoast Banking Corporation of Florida (SBCF) Expected to Post Quarterly Sales of $61.60 Million

Wall Street brokerages expect that Seacoast Banking Corporation of Florida (NASDAQ:SBCF) will post sales of $61.60 million for the current 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 $63.50 million and the lowest estimate coming in at $58.80 million. Seacoast Banking Corporation of Florida posted 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 business is scheduled to report its next quarterly earnings results on Wednesday, February 7th.

According to Zacks, analysts expect that Seacoast Banking Corporation of Florida will report full year sales of $61.60 million for the current year, with estimates ranging from $218.80 million to $223.90 million. For the next financial year, analysts expect that the business will report sales of $271.82 million per share, with estimates ranging from $270.60 million to $272.80 million. Zacks Investment Research’s sales averages 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 quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 9.37% and a net margin of 18.48%. The firm had revenue of $57.10 million during the quarter, compared to the consensus estimate of $57.55 million. During the same period last year, the business posted $0.28 EPS. The business’s revenue was up 20.9% compared to the same quarter last year.

SBCF has been the subject of a number of recent analyst reports. FBR & Co reiterated a “buy” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, October 27th. BidaskClub downgraded Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Finally, Zacks Investment Research downgraded Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $26.00.

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

Several hedge funds have recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC lifted its position in Seacoast Banking Corporation of Florida by 5.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 135,984 shares of the financial services provider’s stock valued at $3,277,000 after acquiring an additional 7,424 shares in the last quarter. Westpac Banking Corp bought a new position in Seacoast Banking Corporation of Florida in the 2nd quarter valued at about $317,000. Dimensional Fund Advisors LP lifted its position in Seacoast Banking Corporation of Florida by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,321,937 shares of the financial services provider’s stock valued at $31,859,000 after acquiring an additional 12,918 shares in the last quarter. Northern Trust Corp lifted its position in Seacoast Banking Corporation of Florida by 24.8% in the 2nd quarter. Northern Trust Corp now owns 452,458 shares of the financial services provider’s stock valued at $10,904,000 after acquiring an additional 89,810 shares in the last quarter. Finally, Nationwide Fund Advisors lifted its position in Seacoast Banking Corporation of Florida by 9.9% in the 2nd quarter. Nationwide Fund Advisors now owns 53,880 shares of the financial services provider’s stock valued at $1,299,000 after acquiring an additional 4,850 shares in the last quarter. 79.81% of the stock is currently owned by institutional investors.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) traded down $0.06 during trading on Friday, reaching $25.46. The company’s stock had a trading volume of 170,125 shares, compared to its average volume of 277,934. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.82 and a current ratio of 0.83. Seacoast Banking Corporation of Florida has a 52-week low of $20.58 and a 52-week high of $27.13. The firm has a market cap of $1,110.00, a P/E ratio of 21.09 and a beta of 0.77.

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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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