Seacoast Banking Q3 revenue up 37% but slightly misses estimates
Overview
US community bank's Q3 revenue rose 37% yr/yr but slightly missed analyst expectations
Adjusted EPS for Q3 beat analyst expectations
Company repurchased over 1.2 mln shares year to date
Outlook
Company expects continued consistent loan growth, with commercial loan pipelines at $1.3 bln
Company says expanded footprint and community presence support future relationship and productivity growth
Company says balance sheet strength provides flexibility to support customers and pursue disciplined growth
Result Drivers
LOAN GROWTH - Co said higher average loan balances and improved loan yields drove increased interest income
ORGANIC LOAN GROWTH - Co reported 13% annualized organic loan growth in Q3, supporting revenue growth
ACQUISITION INTEGRATION - Co said completion of VBI integration contributed to growth and expanded mortgage origination activity
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Slight Miss* | $215 mln | $215.94 mln (5 Analysts) |
Q3 Adjusted EPS | Beat | $0.66 | $0.65 (6 Analysts) |
Q3 EPS | $0.55 | ||
Q3 Adjusted Net Income | Slight Beat* | $71.85 mln | $71.29 mln (3 Analysts) |
Q3 Net Income | $59.87 mln | ||
Q3 Net Interest Income | $185.35 mln |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
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 $36.00, about 7% above its October 26 closing price of $33.66
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago
Reuters Recommended Reads
Oct 26 - Northwest Bancshares Q3 adjusted EPS beats estimates on C&I loan growth
Oct 26 - Business First Bancshares Q3 net income rises on loan and deposit growth
Oct 26 - German American Bancorp Q3 net income rises on higher yields and margin expansion
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(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.)