Seacoast Banking Co. of Florida (SBCF) Expected to Announce Earnings of $0.49 Per Share

Wall Street brokerages forecast that Seacoast Banking Co. of Florida (NASDAQ:SBCF) will report earnings per share of $0.49 for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Seacoast Banking Co. of Florida’s earnings. The lowest EPS estimate is $0.48 and the highest is $0.50. Seacoast Banking Co. of Florida reported earnings of $0.38 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 28.9%. The business is expected to issue its next quarterly earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Seacoast Banking Co. of Florida will report full year earnings of $1.98 per share for the current fiscal year, with EPS estimates ranging from $1.95 to $2.00. For the next financial year, analysts anticipate that the firm will report earnings of $2.16 per share, with EPS estimates ranging from $2.15 to $2.20. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Seacoast Banking Co. of Florida.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.47. The business 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 last year, the firm earned $0.40 EPS.

A number of analysts have recently issued reports on SBCF shares. 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. BidaskClub raised shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. FIG Partners cut shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating in a research report on Friday, January 25th. Finally, Hovde Group cut shares of Seacoast Banking Co. of Florida from a “market perform” rating to an “underperform” rating and lowered their price objective for the stock from $28.00 to $27.50 in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Seacoast Banking Co. of Florida has an average rating of “Hold” and a consensus price target of $30.63.

In related news, CEO Dennis S. Hudson III sold 8,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,050,441.09. The transaction 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 that occurred 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 directly owns 18,197 shares of the company’s stock, valued at approximately $530,442.55. The disclosure for this sale can be found here. Insiders have sold a total of 17,812 shares of company stock valued at $516,458 in the last ninety days. 2.70% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Seacoast Banking Co. of Florida by 4.7% in the 4th quarter. BlackRock Inc. now owns 6,956,987 shares of the financial services provider’s stock valued at $181,021,000 after buying an additional 313,393 shares during the period. Millennium Management LLC boosted its position in Seacoast Banking Co. of Florida by 97.9% in the 4th quarter. Millennium Management LLC now owns 550,543 shares of the financial services provider’s stock valued at $14,325,000 after buying an additional 272,351 shares during the period. Stifel Financial Corp purchased a new position in Seacoast Banking Co. of Florida in the 4th quarter valued at approximately $6,997,000. Pembroke Management LTD purchased a new position in Seacoast Banking Co. of Florida in the 4th quarter valued at approximately $6,113,000. Finally, Royce & Associates LP boosted its position in Seacoast Banking Co. of Florida by 55.3% in the 4th quarter. Royce & Associates LP now owns 466,000 shares of the financial services provider’s stock valued at $12,125,000 after buying an additional 166,000 shares during the period. 82.37% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ SBCF traded down $0.32 during midday trading on Wednesday, reaching $27.51. 185,945 shares of the stock were exchanged, compared to its average volume of 238,880. The company has a market capitalization of $1.46 billion, a P/E ratio of 16.98 and a beta of 0.74. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.87 and a quick ratio of 0.87. Seacoast Banking Co. of Florida has a twelve month low of $21.74 and a twelve month high of $34.95.

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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