SunTrust Banks Analysts Decrease Earnings Estimates for Seacoast Banking Corporation of Florida (SBCF)

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) – Investment analysts at SunTrust Banks cut their Q3 2018 earnings per share (EPS) estimates for shares of Seacoast Banking Corporation of Florida in a research note issued on Wednesday. SunTrust Banks analyst M. Young now anticipates that the financial services provider will post earnings of $0.49 per share for the quarter, down from their previous estimate of $0.50. SunTrust Banks also issued estimates for Seacoast Banking Corporation of Florida’s FY2018 earnings at $1.89 EPS and FY2019 earnings at $2.18 EPS.

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 Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $57.10 million for the quarter, compared to analysts’ expectations of $57.55 million. Seacoast Banking Corporation of Florida had a net margin of 18.48% and a return on equity of 9.37%. The firm’s revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.28 earnings per share.

Other analysts have also recently issued research reports about the stock. Sandler O’Neill raised shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Thursday, January 11th. Hovde Group reaffirmed a “hold” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday. FBR & Co reaffirmed a “buy” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, October 27th. Zacks Investment Research raised shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Saturday, December 30th. Finally, BidaskClub cut shares of Seacoast Banking Corporation of Florida from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $27.80.

Seacoast Banking Corporation of Florida (NASDAQ SBCF) traded down $0.30 during mid-day trading on Monday, hitting $26.82. 293,200 shares of the company were exchanged, compared to its average volume of 292,211. 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 1-year low of $20.58 and a 1-year high of $27.50. The firm has a market cap of $1,167.00, a PE ratio of 27.37 and a beta of 0.77.

A number of institutional investors and hedge funds have recently made changes to their positions in SBCF. National Investment Services Inc. WI bought a new position in shares of Seacoast Banking Corporation of Florida during the 4th quarter valued at about $587,000. California Public Employees Retirement System boosted its position in shares of Seacoast Banking Corporation of Florida by 7.6% during the 3rd quarter. California Public Employees Retirement System now owns 47,361 shares of the financial services provider’s stock valued at $1,131,000 after purchasing an additional 3,361 shares in the last quarter. Maltese Capital Management LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 5.3% during the 3rd quarter. Maltese Capital Management LLC now owns 470,000 shares of the financial services provider’s stock valued at $11,228,000 after purchasing an additional 23,500 shares in the last quarter. Segall Bryant & Hamill LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 2.6% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 692,365 shares of the financial services provider’s stock valued at $16,541,000 after purchasing an additional 17,526 shares in the last quarter. Finally, Magnetar Financial LLC bought a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at about $203,000. Hedge funds and other institutional investors own 79.54% of the company’s stock.

In related 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 value of $195,120.00. Following the completion of the transaction, the chief executive officer now owns 19,247 shares in the company, valued at approximately $469,434.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Dennis S. Hudson III sold 2,300 shares of the stock in a transaction dated Thursday, November 9th. The shares were 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 owns 19,247 shares of the company’s stock, valued at approximately $466,162.34. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

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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.

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

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