Brokerages Expect Seacoast Banking Co. of Florida (SBCF) Will Post Quarterly Sales of $62.85 Million

Equities analysts forecast that Seacoast Banking Co. of Florida (NASDAQ:SBCF) will post $62.85 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Seacoast Banking Co. of Florida’s earnings, with estimates ranging from $61.91 million to $64.40 million. Seacoast Banking Co. of Florida posted sales of $48.07 million in the same quarter last year, which would indicate a positive year over year growth rate of 30.7%. The business is scheduled to issue its next earnings results after the market closes on Thursday, April 26th.

According to Zacks, analysts expect that Seacoast Banking Co. of Florida will report full-year sales of $62.85 million for the current year, with estimates ranging from $261.90 million to $270.60 million. For the next year, analysts forecast 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 sell-side research firms that follow Seacoast Banking Co. of Florida.

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Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Seacoast Banking Co. of Florida had a net margin of 17.14% and a return on equity of 9.36%. The business had revenue of $74.87 million during the quarter, compared to analysts’ expectations of $67.93 million. During the same period last year, the business earned $0.30 earnings per share. The business’s revenue for the quarter was up 58.1% on a year-over-year basis.

A number of equities research analysts have weighed in on the stock. Zacks Investment Research cut shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a research report on Wednesday, March 14th. BidaskClub raised shares of Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating in a research note on Friday, March 9th. Hovde Group reissued a “hold” rating on shares of Seacoast Banking Co. of Florida in a research note on Friday, January 12th. Guggenheim reissued a “hold” rating and issued a $28.00 price objective on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, January 31st. Finally, B. Riley reissued a “buy” rating and issued a $30.00 price objective on shares of Seacoast Banking Co. of Florida in a research note on Friday, January 26th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Seacoast Banking Co. of Florida currently has a consensus rating of “Buy” and an average target price of $29.00.

In other news, Director Roger Goldman sold 6,407 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $27.41, for a total value of $175,615.87. Following the completion of the transaction, the director now owns 23,572 shares of the company’s stock, valued at $646,108.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.80% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. BNP Paribas Arbitrage SA lifted its stake in Seacoast Banking Co. of Florida by 58.4% in the third quarter. BNP Paribas Arbitrage SA now owns 6,776 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 2,498 shares during the last quarter. Magnetar Financial LLC purchased a new position in Seacoast Banking Co. of Florida in the third quarter worth approximately $203,000. SG Americas Securities LLC purchased a new position in Seacoast Banking Co. of Florida in the third quarter worth approximately $211,000. Arrowstreet Capital Limited Partnership purchased a new position in Seacoast Banking Co. of Florida in the fourth quarter worth approximately $222,000. Finally, Navellier & Associates Inc purchased a new position in Seacoast Banking Co. of Florida in the fourth quarter worth approximately $261,000. Institutional investors own 76.10% of the company’s stock.

Shares of SBCF opened at $26.47 on Friday. Seacoast Banking Co. of Florida has a 1-year low of $20.58 and a 1-year high of $28.44. The stock has a market cap of $1,276.16, a price-to-earnings ratio of 20.68 and a beta of 0.65. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.41.

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

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