Zacks: Analysts Expect Seacoast Banking Co. of Florida (NASDAQ:SBCF) to Announce $0.49 Earnings Per Share

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Brokerages forecast that Seacoast Banking Co. of Florida (NASDAQ:SBCF) will post earnings per share (EPS) of $0.49 for the current quarter, Zacks reports. Four analysts have made estimates for Seacoast Banking Co. of Florida’s earnings, with the lowest EPS estimate coming in at $0.48 and the highest estimate coming in at $0.50. Seacoast Banking Co. of Florida reported earnings per share of $0.37 during the same quarter last year, which would suggest a positive year-over-year growth rate of 32.4%. The company is scheduled to announce its next earnings report on Thursday, October 24th.

On average, analysts expect that Seacoast Banking Co. of Florida will report full year earnings of $1.87 per share for the current financial year, with EPS estimates ranging from $1.86 to $1.88. For the next fiscal year, analysts forecast that the company will post earnings of $2.05 per share, with EPS estimates ranging from $1.94 to $2.15. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Seacoast Banking Co. of Florida.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Seacoast Banking Co. of Florida had a net margin of 24.05% and a return on equity of 10.69%. The company had revenue of $73.70 million during the quarter, compared to analysts’ expectations of $75.44 million. During the same period last year, the company posted $0.38 EPS. Seacoast Banking Co. of Florida’s revenue was up 17.2% on a year-over-year basis.

A number of analysts have weighed in on the stock. BidaskClub lowered shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. B. Riley set a $30.00 price objective on shares of Seacoast Banking Co. of Florida and gave the company a “buy” rating in a research note on Thursday, July 11th. Raymond James set a $29.00 price objective on shares of Seacoast Banking Co. of Florida and gave the company a “buy” rating in a research note on Friday, June 21st. Zacks Investment Research lowered shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a research note on Wednesday, July 3rd. Finally, Hovde Group upgraded shares of Seacoast Banking Co. of Florida from an “underperform” rating to a “market perform” rating in a research note on Tuesday, May 14th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $29.63.

In other news, EVP Juliette Kleffel sold 4,433 shares of Seacoast Banking Co. of Florida stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $24.13, for a total value of $106,968.29. Following the completion of the sale, the executive vice president now directly owns 4,730 shares in the company, valued at $114,134.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Bank of Montreal Can grew its stake in shares of Seacoast Banking Co. of Florida by 16.5% in the first quarter. Bank of Montreal Can now owns 3,636 shares of the financial services provider’s stock worth $96,000 after acquiring an additional 516 shares during the period. Wealthcare Advisory Partners LLC bought a new stake in shares of Seacoast Banking Co. of Florida in the second quarter worth approximately $100,000. Everence Capital Management Inc. bought a new stake in shares of Seacoast Banking Co. of Florida in the first quarter worth approximately $224,000. BNP Paribas Arbitrage SA grew its stake in shares of Seacoast Banking Co. of Florida by 59,725.0% in the first quarter. BNP Paribas Arbitrage SA now owns 9,572 shares of the financial services provider’s stock worth $252,000 after acquiring an additional 9,556 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Seacoast Banking Co. of Florida in the second quarter worth approximately $264,000. Hedge funds and other institutional investors own 83.55% of the company’s stock.

NASDAQ:SBCF traded down $0.24 on Thursday, reaching $23.94. 195,505 shares of the stock traded hands, compared to its average volume of 222,789. The firm has a market capitalization of $1.29 billion, a P/E ratio of 14.78 and a beta of 0.91. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.23. Seacoast Banking Co. of Florida has a 12 month low of $21.74 and a 12 month high of $31.94. The stock’s fifty day moving average is $25.68.

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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