Seacoast Banking Co. of Florida (NASDAQ:SBCF) Expected to Post Quarterly Sales of $87.78 Million

Wall Street analysts forecast that Seacoast Banking Co. of Florida (NASDAQ:SBCF) will post sales of $87.78 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Seacoast Banking Co. of Florida’s earnings. The highest sales estimate is $89.20 million and the lowest is $86.30 million. Seacoast Banking Co. of Florida reported sales of $83.72 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.8%. The company is expected to announce its next quarterly earnings results on Thursday, January 27th.

On average, analysts expect that Seacoast Banking Co. of Florida will report full-year sales of $341.25 million for the current year, with estimates ranging from $334.60 million to $344.90 million. For the next fiscal year, analysts anticipate that the firm will report sales of $364.57 million, with estimates ranging from $341.30 million to $385.90 million. Zacks’ sales 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 released its earnings results on Wednesday, October 27th. The financial services provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.09). Seacoast Banking Co. of Florida had a net margin of 33.56% and a return on equity of 10.83%. The business had revenue of $90.35 million during the quarter, compared to the consensus estimate of $85.84 million. During the same period last year, the business posted $0.50 EPS.

A number of brokerages have recently commented on SBCF. B. Riley downgraded shares of Seacoast Banking Co. of Florida from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research report on Wednesday, October 6th. Raymond James lifted their price objective on shares of Seacoast Banking Co. of Florida from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Monday, November 1st. Finally, Zacks Investment Research downgraded shares of Seacoast Banking Co. of Florida from a “buy” rating to a “hold” rating in a research report on Wednesday, November 3rd.

Shares of SBCF traded down $0.30 during midday trading on Thursday, reaching $36.35. The stock had a trading volume of 114,852 shares, compared to its average volume of 224,215. The company’s 50 day simple moving average is $34.78. Seacoast Banking Co. of Florida has a one year low of $25.19 and a one year high of $40.93. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 17.39 and a beta of 1.30. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.84.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Wednesday, December 15th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Tuesday, December 14th. Seacoast Banking Co. of Florida’s payout ratio is 24.88%.

In other Seacoast Banking Co. of Florida news, Chairman Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Co. of Florida stock in a transaction dated Tuesday, November 2nd. The shares were sold at an average price of $37.32, for a total value of $298,560.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Dennis S. Hudson III sold 3,206 shares of Seacoast Banking Co. of Florida stock in a transaction dated Tuesday, August 31st. The stock was sold at an average price of $31.93, for a total transaction of $102,367.58. Following the completion of the sale, the chairman now owns 178,538 shares of the company’s stock, valued at approximately $5,700,718.34. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. William Blair Investment Management LLC raised its position in shares of Seacoast Banking Co. of Florida by 3,160.5% in the 3rd quarter. William Blair Investment Management LLC now owns 1,228,145 shares of the financial services provider’s stock valued at $41,524,000 after buying an additional 1,190,478 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Seacoast Banking Co. of Florida by 58,873.4% in the 2nd quarter. Macquarie Group Ltd. now owns 770,782 shares of the financial services provider’s stock valued at $26,323,000 after buying an additional 769,475 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Seacoast Banking Co. of Florida by 392.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 398,507 shares of the financial services provider’s stock valued at $14,442,000 after buying an additional 317,569 shares in the last quarter. Ziegler Capital Management LLC raised its position in shares of Seacoast Banking Co. of Florida by 187.3% in the 3rd quarter. Ziegler Capital Management LLC now owns 352,902 shares of the financial services provider’s stock valued at $11,932,000 after buying an additional 230,068 shares in the last quarter. Finally, Capital World Investors raised its position in shares of Seacoast Banking Co. of Florida by 5.1% in the 3rd quarter. Capital World Investors now owns 4,106,901 shares of the financial services provider’s stock valued at $138,854,000 after buying an additional 200,000 shares in the last quarter. Institutional investors and hedge funds own 85.60% of the company’s stock.

About Seacoast Banking Co. of Florida

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.

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