$62.85 Million in Sales Expected for Seacoast Banking Corporation of Florida (SBCF) This Quarter

Wall Street brokerages expect that Seacoast Banking Corporation of Florida (NASDAQ:SBCF) will announce sales of $62.85 million for the current quarter, according to Zacks. Four analysts have provided estimates for Seacoast Banking Corporation of Florida’s earnings. The highest sales estimate is $64.40 million and the lowest is $61.91 million. Seacoast Banking Corporation of Florida reported sales of $48.07 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 30.7%. The company is scheduled to issue its next quarterly earnings results on Tuesday, April 24th.

According to Zacks, analysts expect that Seacoast Banking Corporation of Florida will report full-year sales of $62.85 million for the current fiscal year, with estimates ranging from $261.90 million to $270.60 million. For the next year, analysts expect that the company will report sales of $289.96 million per share, with estimates ranging from $285.30 million to $298.10 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Seacoast Banking Corporation of Florida.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 9.92% and a net margin of 17.14%. The company had revenue of $74.87 million for the quarter, compared to analyst estimates of $67.93 million. During the same quarter in the prior year, the firm posted $0.30 EPS. Seacoast Banking Corporation of Florida’s quarterly revenue was up 58.1% compared to the same quarter last year.

SBCF has been the topic of a number of recent analyst reports. FBR & Co reiterated a “buy” rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday, October 27th. Zacks Investment Research lowered Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. BidaskClub lowered Seacoast Banking Corporation of Florida from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Hovde Group set a $27.00 target price on Seacoast Banking Corporation of Florida and gave the stock a “hold” rating in a research note on Wednesday, January 3rd. Finally, Sandler O’Neill set a $27.00 target price on Seacoast Banking Corporation of Florida and gave the stock a “hold” rating in a research note on Thursday, January 4th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $29.00.

A number of hedge funds have recently added to or reduced their stakes in SBCF. Thrivent Financial For Lutherans increased its stake in Seacoast Banking Corporation of Florida by 162.3% in the fourth quarter. Thrivent Financial For Lutherans now owns 1,063,360 shares of the financial services provider’s stock worth $26,808,000 after purchasing an additional 657,993 shares during the period. Jennison Associates LLC grew its position in shares of Seacoast Banking Corporation of Florida by 62.1% during the 3rd quarter. Jennison Associates LLC now owns 1,601,955 shares of the financial services provider’s stock worth $38,271,000 after buying an additional 613,947 shares in the last quarter. Lord Abbett & CO. LLC grew its position in shares of Seacoast Banking Corporation of Florida by 44.4% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,004,387 shares of the financial services provider’s stock worth $24,206,000 after buying an additional 308,644 shares in the last quarter. State Street Corp grew its position in shares of Seacoast Banking Corporation of Florida by 26.0% during the 2nd quarter. State Street Corp now owns 1,212,356 shares of the financial services provider’s stock worth $29,218,000 after buying an additional 250,322 shares in the last quarter. Finally, Investment Counselors of Maryland LLC grew its position in shares of Seacoast Banking Corporation of Florida by 67.2% during the 3rd quarter. Investment Counselors of Maryland LLC now owns 546,800 shares of the financial services provider’s stock worth $13,063,000 after buying an additional 219,747 shares in the last quarter. Institutional investors and hedge funds own 75.02% of the company’s stock.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) traded up $0.23 during mid-day trading on Friday, reaching $27.27. The company’s stock had a trading volume of 1,184,400 shares, compared to its average volume of 319,258. 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 twelve month low of $20.58 and a twelve month high of $27.50. The stock has a market capitalization of $1,279.45, a price-to-earnings ratio of 21.47 and a beta of 0.69.

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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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