Brokerages Anticipate Seacoast Banking Co. of Florida (SBCF) Will Post Quarterly Sales of $75.65 Million

Brokerages expect Seacoast Banking Co. of Florida (NASDAQ:SBCF) to post $75.65 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for Seacoast Banking Co. of Florida’s earnings. The highest sales estimate is $76.40 million and the lowest is $73.60 million. Seacoast Banking Co. of Florida posted sales of $62.93 million in the same quarter last year, which suggests a positive year over year growth rate of 20.2%. The firm is scheduled to report its next earnings results on Thursday, July 25th.

According to Zacks, analysts expect that Seacoast Banking Co. of Florida will report full year sales of $304.52 million for the current year, with estimates ranging from $297.70 million to $307.70 million. For the next year, analysts anticipate that the business will report sales of $324.04 million, with estimates ranging from $314.90 million to $329.30 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Seacoast Banking Co. of Florida.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.47 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.47. The firm had revenue of $73.61 million during the quarter, compared to the consensus estimate of $74.28 million. Seacoast Banking Co. of Florida had a net margin of 23.29% and a return on equity of 10.47%. During the same quarter in the prior year, the firm earned $0.40 earnings per share.

Several research firms have recently weighed in on SBCF. BidaskClub upgraded shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Hovde Group upgraded shares of Seacoast Banking Co. of Florida from an “underperform” rating to a “market perform” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a report on Wednesday, May 1st. Finally, FIG Partners cut shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating in a report on Friday, January 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $30.63.

Shares of Seacoast Banking Co. of Florida stock traded down $0.56 on Friday, hitting $25.83. The company had a trading volume of 8,768 shares, compared to its average volume of 215,002. The stock has a market capitalization of $1.33 billion, a PE ratio of 15.94 and a beta of 0.74. Seacoast Banking Co. of Florida has a twelve month low of $21.74 and a twelve month high of $34.95. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.08.

In related news, CEO Dennis S. Hudson III sold 8,000 shares of the stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $29.31, for a total transaction of $234,480.00. Following the completion of the transaction, the chief executive officer now owns 35,839 shares in the company, valued at $1,050,441.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David D. Houdeshell sold 5,000 shares of the stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $29.15, for a total transaction of $145,750.00. Following the transaction, the executive vice president now owns 18,197 shares of the company’s stock, valued at approximately $530,442.55. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in Seacoast Banking Co. of Florida by 2.8% during the first quarter. BlackRock Inc. now owns 7,150,904 shares of the financial services provider’s stock worth $188,427,000 after purchasing an additional 193,917 shares during the last quarter. Vanguard Group Inc. lifted its stake in Seacoast Banking Co. of Florida by 3.2% in the third quarter. Vanguard Group Inc. now owns 2,762,389 shares of the financial services provider’s stock valued at $80,661,000 after acquiring an additional 85,439 shares during the last quarter. Vanguard Group Inc lifted its stake in Seacoast Banking Co. of Florida by 3.2% in the third quarter. Vanguard Group Inc now owns 2,762,389 shares of the financial services provider’s stock valued at $80,661,000 after acquiring an additional 85,439 shares during the last quarter. Wellington Management Group LLP lifted its stake in Seacoast Banking Co. of Florida by 16.3% in the first quarter. Wellington Management Group LLP now owns 2,320,813 shares of the financial services provider’s stock valued at $61,153,000 after acquiring an additional 324,432 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Seacoast Banking Co. of Florida by 6.2% in the first quarter. Jennison Associates LLC now owns 2,226,693 shares of the financial services provider’s stock valued at $58,673,000 after acquiring an additional 129,399 shares during the last quarter. Institutional investors and hedge funds own 82.24% of the company’s stock.

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 retail and commercial customers in Florida. The company offers commercial and retail banking, wealth management, and treasury management services, as well as home mortgage products; and brokerage and annuity services.

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