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Seacoast Banking Corporation Of Florida (SBCF)
:SBCF
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Seacoast Banking Of Florida
(NASDAQ:SBCF)
67Neutral
Seacoast Banking Of Florida (SBCF) vs. S&P 500 (SPY)
Market Cap
$2.02B
Dividend Yield3.05%
Average Volume (3M)462.53K
Price to Earnings (P/E)16.6
Beta (1Y)1.34
Revenue Growth5.40%
EPS Growth16.13%
CountryUS
Employees1,504
SectorFinancial
Sector Strength85
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.42
Shares Outstanding85,614,460
10 Day Avg. Volume450,401
30 Day Avg. Volume462,534
Financial Highlights & Ratios
PEG Ratio1.03
Price to Book (P/B)N/A
Price to Sales (P/S)4.31
Price to Cash Flow (P/CF)12.40
P/FCF Ratio5.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$30.75Price Target Upside30.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
Seacoast Banking Of Florida Business Overview & Revenue Model
Company DescriptionSeacoast Banking Corporation of Florida (SBCF) is a financial holding company based in Stuart, Florida, that provides a range of banking and financial services to individuals, businesses, and government entities. Operating primarily through its subsidiary, Seacoast National Bank, the company offers personal and commercial banking products including loans, mortgages, deposit accounts, and wealth management services. Seacoast prioritizes customer service and community involvement, aiming to deliver personalized financial solutions to its clients across the state.
How the Company Makes MoneySeacoast Banking Corporation of Florida makes money primarily through the interest income generated from its loan products, which include commercial loans, residential mortgages, and consumer loans. The bank also earns revenue from non-interest income sources such as service charges on deposit accounts, fees from wealth management services, and other financial services including treasury management. Additionally, SBCF benefits from strategic partnerships and acquisitions that expand its customer base and enhance its service offerings. The bank's earnings are significantly influenced by interest rate fluctuations, economic conditions, and regulatory requirements affecting the financial sector.
Seacoast Banking Of Florida Financial Statement Overview
Summary
Seacoast Banking demonstrates solid financial stability with a strong balance sheet and efficient cash flow management. However, income growth has been inconsistent, posing a challenge for sustained performance.Income Statement
The income statement reflects moderate performance with fluctuating revenue growth, which saw a decline in 2023 after previous years of growth. The net profit margin and EBIT margin are stable, indicating consistent profitability despite revenue volatility. However, the lack of data for 2024 limits the current analysis.65
Positive
Balance Sheet
The balance sheet demonstrates solid financial stability, with a consistent increase in stockholders' equity and a low debt-to-equity ratio, suggesting low leverage. The equity ratio has improved over the years, indicating strengthened financial stability and asset management.78
Positive
Cash Flow
Cash flow analysis indicates strong free cash flow generation with a positive trend in operating cash flow relative to net income. The free cash flow to net income ratio is healthy, reflecting efficient cash management, though there are fluctuations in investing and financing cash flows that warrant attention.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 132.87M | 527.76M | 432.25M | 346.75M | 324.31M | Gross Profit |
| 515.40M | 767.14M | 432.25M | 346.75M | 324.31M | EBIT |
| -468.64M | 238.37M | 152.47M | 158.74M | 100.58M | EBITDA |
| 0.00 | 179.28M | 159.84M | 173.83M | 91.92M | Net Income Common Stockholders |
| 120.99M | 104.03M | 106.51M | 124.40M | 77.76M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 2.40B | 2.29B | 2.08B | 2.38B | 1.80B | Total Assets |
| 15.18B | 14.58B | 12.15B | 9.68B | 8.34B | Total Debt |
| 351.97M | 530.88M | 406.56M | 193.21M | 190.97M | Net Debt |
| -127.86M | 77.84M | 201.39M | -544.52M | -213.86M | Total Liabilities |
| 12.99B | 12.47B | 10.54B | 8.37B | 7.21B | Stockholders Equity |
| 2.18B | 2.11B | 1.61B | 1.31B | 1.13B |
| Cash Flow | Free Cash Flow | |||
| 55.74M | 140.32M | 183.21M | 150.25M | 59.06M | Operating Cash Flow |
| 55.74M | 150.61M | 195.86M | 154.57M | 60.65M | Investing Cash Flow |
| -606.88M | 527.45M | -364.88M | -412.51M | -342.50M | Financing Cash Flow |
| 456.41M | -432.82M | -366.77M | 591.58M | 561.41M |
Seacoast Banking Of Florida Technical Analysis
Negative
23.58
Price Trends
27.10
Negative
27.61
Negative
26.71
Negative
Market Momentum
-0.42
Negative
38.29
Neutral
13.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBCF, the sentiment is Negative. The current price of 23.58 is below the 20-day moving average (MA) of 25.59, below the 50-day MA of 27.10, and below the 200-day MA of 26.71, indicating a bearish trend. The MACD of -0.42 indicates Negative momentum. The RSI at 38.29 is Neutral, neither overbought nor oversold. The STOCH value of 13.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SBCF.
Seacoast Banking Of Florida Risk Analysis
Seacoast Banking Of Florida disclosed 37 risk factors in its most recent earnings report. Seacoast Banking Of Florida reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Seacoast Banking Of Florida Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $5.13B | 12.85 | 10.38% | 2.96% | 8.83% | 3.77% | |
69 Neutral | $7.18B | 12.60 | 15.13% | 3.37% | 7.81% | -2.49% | |
67 Neutral | $2.02B | 16.57 | 5.64% | 3.05% | 5.40% | 16.13% | |
65 Neutral | $2.37B | 15.56 | 4.39% | 5.60% | 6.86% | -12.06% | |
63 Neutral | $14.39B | 9.81 | 8.95% | 4.37% | 16.38% | -11.64% | |
61 Neutral | $1.94B | 10.05 | 2.68% | 2.92% | -11.99% | -103.10% | |
58 Neutral | $8.85B | 12.69 | 8.70% | 3.49% | 4.56% | -13.90% |
* Financial Sector Average
Performance Comparison
SBCF
Seacoast Banking Of Florida
22.69
-0.63
-2.70%
CFR
Cullen/Frost Bankers
106.92
-0.09
-0.08%
FHN
First Horizon
16.21
1.91
13.36%
HOMB
Home Bancshares
25.12
1.99
8.60%
SFNC
Simmons 1st Nat'l
18.26
0.10
0.55%
TRMK
Trustmark
31.85
5.44
20.60%
Seacoast Banking Of Florida Earnings Call Summary
Earnings Call Date: Jan 27, 2025 | % Change Since: -12.70% | Next Earnings Date: Apr 24, 2025
Earnings Call Sentiment Positive
The earnings call reflects a strong performance with significant profitability enhancements, record loan production, and an improved capital position. Although there were impacts from hurricanes and a securities portfolio repositioning loss, these were overshadowed by the overall positive financial results and growth achievements.Highlights
Strong Profitability Enhancements
Adjusted pre-tax pre-provision earnings were $56.6 million, a 22% increase from the prior quarter. The net interest margin expanded by 22 basis points to 3.39%.
Record Loan Production
Loan production reached a record with originations of $900 million during the period, with a diversified loan volume in both C&I and commercial real estate.
Improvement in Asset Quality
Significant decline in classified and criticized assets. The ratio of criticized and classified loans to total loans decreased to 2.17%.
Capital Position Strength
Tangible common equity ratio stands at 9.6% and a CET1 ratio of 14.8%, indicating a strong capital position.
Growth in Wealth Management
Wealth management division achieved record new assets under management, increasing total AUM by 20% year-over-year to $2.1 billion.
Lowlights
Impact of Hurricanes
Service charges declined due to fee waivers early in the fourth quarter post-hurricanes.
Non-Interest Income Variability
Non-interest income expected to step down modestly in Q1 2025, given favorable items like loan sales and SBIC income positively impacting Q4.
Securities Portfolio Repositioning Loss
Repositioning of securities portfolio resulted in a pre-tax loss of approximately $8 million impacting fourth-quarter results.
Company Guidance
During Seacoast Banking Corporation's Fourth Quarter and Full Year 2024 Earnings Conference Call, several key financial metrics and guidance for 2025 were highlighted. Adjusted pre-tax pre-provision earnings surged by 22% to $56.6 million, with a notable net interest margin expansion of 22 basis points to 3.39%. The cost of deposits was reduced by 26 basis points, settling at 2.08%, while loans grew at an annualized rate of 4%. The adjusted return on tangible assets increased to 1.24%, and the adjusted efficiency ratio improved to 56.1%. The capital position remained robust, with a tangible common equity ratio of 9.6% and a CET1 ratio of 14.8%. Looking ahead, Seacoast projects low-to-mid single-digit loan growth in the early part of 2025, accelerating to high single-digits by year-end, and anticipates the core net interest margin to expand by 7 to 10 basis points in Q1, with a potential year-end figure of approximately 3.35%, assuming one Fed rate cut.Seacoast Banking Of Florida Corporate Events
Business Operations and StrategyFinancial Disclosures
Seacoast Banking Plans Investor Meetings in February 2025
Neutral
Feb 12, 2025
Seacoast Banking Corporation of Florida has announced that it will hold individual meetings with investors throughout February 2025. During these meetings, executives will discuss the company’s business strategy, financial performance, recent developments, and future opportunities. This initiative is likely intended to strengthen investor relations and provide transparency about the company’s operations and strategic direction.
Business Operations and StrategyFinancial Disclosures
Seacoast Banking Reports Strong 2024 Financial Results
Positive
Jan 27, 2025
Seacoast Banking Corporation of Florida reported strong financial results for the fourth quarter and full year of 2024. The company’s net income for the fourth quarter increased to $34.1 million, with a net interest margin expansion of 22 basis points to 3.39%. Despite challenges from two hurricanes, Seacoast achieved significant revenue growth, record loan production, and a 33% increase in adjusted net income. The company’s strategic initiatives include expanding its commercial lending team and treasury deposit products, positioning it for future growth and profitability. Seacoast’s balance sheet remains strong, with a tangible common equity ratio of 9.6% and a loan-to-deposit ratio of 84%, providing opportunities for further client service in its economically vibrant footprint.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.