$65.29 Million in Sales Expected for Seacoast Banking Co. of Florida (SBCF) This Quarter

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Wall Street brokerages expect Seacoast Banking Co. of Florida (NASDAQ:SBCF) to post sales of $65.29 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Seacoast Banking Co. of Florida’s earnings. The lowest sales estimate is $64.75 million and the highest is $65.70 million. Seacoast Banking Co. of Florida reported sales of $57.18 million during the same quarter last year, which indicates a positive year-over-year growth rate of 14.2%. The firm is expected to report its next quarterly earnings results on Thursday, October 25th.

According to Zacks, analysts expect that Seacoast Banking Co. of Florida will report full-year sales of $262.64 million for the current year, with estimates ranging from $260.00 million to $265.30 million. For the next year, analysts anticipate that the company will post sales of $318.32 million per share, with estimates ranging from $308.90 million to $325.60 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Seacoast Banking Co. of Florida.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, July 26th. The financial services provider reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.05). The business had revenue of $62.98 million during the quarter, compared to analyst estimates of $64.78 million. Seacoast Banking Co. of Florida had a return on equity of 10.36% and a net margin of 22.34%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period last year, the business earned $0.29 EPS.

Several brokerages have recently commented on SBCF. Hovde Group raised their target price on Seacoast Banking Co. of Florida from $29.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, June 15th. Zacks Investment Research raised Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Friday, July 13th. BidaskClub downgraded Seacoast Banking Co. of Florida from a “strong-buy” rating to a “buy” rating in a report on Friday, July 13th. Raymond James downgraded Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 29th. They noted that the move was a valuation call. Finally, Sandler O’Neill cut shares of Seacoast Banking Co. of Florida from a “buy” rating to a “hold” rating in a research report on Thursday, May 31st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Seacoast Banking Co. of Florida currently has a consensus rating of “Hold” and a consensus price target of $32.17.

Shares of Seacoast Banking Co. of Florida traded up $0.01, hitting $29.94, during midday trading on Tuesday, Marketbeat reports. The company’s stock had a trading volume of 197,595 shares, compared to its average volume of 239,732. The stock has a market cap of $1.41 billion, a PE ratio of 19.95 and a beta of 0.62. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.38. Seacoast Banking Co. of Florida has a 1-year low of $20.58 and a 1-year high of $34.95.

In related news, Director Roger Goldman sold 1,260 shares of the business’s stock in a transaction that occurred on Thursday, May 31st. The shares were sold at an average price of $31.25, for a total value of $39,375.00. Following the completion of the transaction, the director now owns 12,815 shares in the company, valued at approximately $400,468.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Charles K. Jr. Cross sold 1,754 shares of the company’s stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $29.50, for a total transaction of $51,743.00. Following the sale, the executive vice president now owns 16,681 shares of the company’s stock, valued at approximately $492,089.50. The disclosure for this sale can be found here. Insiders sold a total of 5,014 shares of company stock valued at $150,618 in the last 90 days. 3.00% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of SBCF. Gratus Capital LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the 1st quarter valued at $207,000. Cornerstone Wealth Management LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at $212,000. Amalgamated Bank bought a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at $216,000. Aperio Group LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at $221,000. Finally, United Services Automobile Association bought a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at $232,000. Institutional investors own 82.56% of the company’s stock.

Seacoast Banking Co. of Florida Company Profile

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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