Overview
Seacoast Banking Corporation of Florida Q3 revenue and adjusted EPS beat analyst expectations
Seacoast reports 7% annualized organic deposit growth and 8% annualized organic loan growth
Outlook
Seacoast expects stronger profitability post-The Villages Bancorporation acquisition
Company anticipates continued growth in net interest income
Seacoast maintains strong capital and liquidity position
Result Drivers
ORGANIC GROWTH - Seacoast reports 7% annualized organic deposit growth and 8% annualized organic loan growth, contributing to increased net interest income
STRATEGIC INVESTMENTS - Investments in high-quality bankers fueled robust loan production and pipeline expansion, per CEO Charles Shaffer
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $157.3 mln | $154.84 mln (4 Analysts) |
Q3 Adjusted EPS | Beat | $0.52 | $0.44 (5 Analysts) |
Q3 EPS | $0.42 | ||
Q3 Adjusted Net Income | Beat | $45.16 mln | $32.20 mln (3 Analysts) |
Q3 Net Income | $36.46 mln | ||
Q3 Net Interest Income | $133.90 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Seacoast Banking Corporation of Florida is $31.00, about 1.4% below its October 24 closing price of $31.44
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago
Press Release: ID:nBw3f9Qlba
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)