Florida regional bank Seacoast Banking (NASDAQ: SBCF) will be announcing earnings results tomorrow after market hours. Here’s what you need to know.
Seacoast Banking met analysts’ revenue expectations last quarter, reporting revenues of $205.1 million, up 45.6% year on year. It was a slower quarter for the company, with a significant miss of analysts’ tangible book value per share estimates and net interest income in line with analysts’ estimates.
Is Seacoast Banking a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Seacoast Banking’s revenue to grow 37.9% year on year, improving from the 19.6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Seacoast Banking rarely misses Wall Street’s revenue estimates.
Looking at Seacoast Banking’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.5%, beating analysts’ expectations by 3.9%, and Hilltop Holdings reported revenues up 7.5%, topping estimates by 3.4%. OFG Bancorp traded up 4.2% following the results while Hilltop Holdings was also up 3%.
Read our full analysis of OFG Bancorp’s results here and Hilltop Holdings’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices flat over the last month. Seacoast Banking is up 6.6% during the same time and is heading into earnings with an average analyst price target of $34.83 (compared to the current share price of $35.27).
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