Brokerages Anticipate Seacoast Banking Co. of Florida (NASDAQ:SBCF) Will Announce Quarterly Sales of $78.29 Million

Equities research analysts forecast that Seacoast Banking Co. of Florida (NASDAQ:SBCF) will announce $78.29 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Seacoast Banking Co. of Florida’s earnings, with the highest sales estimate coming in at $79.90 million and the lowest estimate coming in at $76.15 million. Seacoast Banking Co. of Florida posted sales of $73.71 million in the same quarter last year, which suggests a positive year-over-year growth rate of 6.2%. The business is expected to announce its next quarterly earnings results on Thursday, July 23rd.

According to Zacks, analysts expect that Seacoast Banking Co. of Florida will report full year sales of $325.41 million for the current financial year, with estimates ranging from $320.40 million to $333.70 million. For the next financial year, analysts expect that the firm will report sales of $323.23 million, with estimates ranging from $316.90 million to $332.10 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Seacoast Banking Co. of Florida.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.37). The company had revenue of $77.87 million during the quarter, compared to the consensus estimate of $74.48 million. Seacoast Banking Co. of Florida had a return on equity of 8.87% and a net margin of 21.99%.

A number of research firms have weighed in on SBCF. Zacks Investment Research downgraded shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. BidaskClub downgraded shares of Seacoast Banking Co. of Florida from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 16th. Raymond James reissued an “outperform” rating and set a $27.00 target price (up previously from $20.00) on shares of Seacoast Banking Co. of Florida in a research report on Thursday, April 30th. Finally, B. Riley increased their target price on shares of Seacoast Banking Co. of Florida from $21.00 to $25.00 and gave the company a “hold” rating in a research report on Thursday, June 4th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $28.67.

In related news, Director Robert J. Lipstein acquired 6,000 shares of Seacoast Banking Co. of Florida stock in a transaction dated Friday, May 8th. The stock was bought at an average price of $20.87 per share, with a total value of $125,220.00. Following the transaction, the director now directly owns 2,312 shares in the company, valued at approximately $48,251.44. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SBCF. First Trust Advisors LP lifted its holdings in shares of Seacoast Banking Co. of Florida by 4.8% in the 1st quarter. First Trust Advisors LP now owns 125,697 shares of the financial services provider’s stock worth $3,312,000 after purchasing an additional 5,739 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Seacoast Banking Co. of Florida by 116.5% during the 4th quarter. Russell Investments Group Ltd. now owns 13,744 shares of the financial services provider’s stock valued at $420,000 after acquiring an additional 7,397 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Seacoast Banking Co. of Florida by 36.5% during the 4th quarter. Victory Capital Management Inc. now owns 16,458 shares of the financial services provider’s stock valued at $447,000 after acquiring an additional 4,401 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Seacoast Banking Co. of Florida by 7.3% during the 4th quarter. New York State Common Retirement Fund now owns 87,224 shares of the financial services provider’s stock valued at $2,666,000 after acquiring an additional 5,971 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Seacoast Banking Co. of Florida by 2.0% during the 4th quarter. Swiss National Bank now owns 98,400 shares of the financial services provider’s stock valued at $3,008,000 after acquiring an additional 1,900 shares in the last quarter. Institutional investors own 83.43% of the company’s stock.

NASDAQ:SBCF traded up $1.07 on Thursday, reaching $19.83. 575,400 shares of the stock traded hands, compared to its average volume of 281,706. The firm has a market capitalization of $988.78 million, a price-to-earnings ratio of 13.49 and a beta of 1.28. The company’s 50 day moving average is $20.98 and its 200-day moving average is $23.75. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.34. Seacoast Banking Co. of Florida has a 1-year low of $13.30 and a 1-year high of $31.42.

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

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