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Seacoast Banking (SBCF) Moves 5.1% Higher: Will This Strength Last?
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Seacoast Banking (SBCF - Free Report) shares soared 5.1% in the last trading session to close at $29.28. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.6% gain over the past four weeks.
The Federal Reserve has signaled an end to the current rate hike cycle by keeping interest rates unchanged at the 22-year high of 5.25-5.5% at the end of the two-day FOMC meeting. The central bank has also indicated a 75 basis points cut in rates by 2024-end. The above-mentioned developments have attributed to bullish investor sentiments. Given the fall in rates, the higher funding costs being faced by banks will likely come down somewhat next year, thus supporting net interest income and margins. This probably drove the SBCF stock higher in last day’s trading session.
This holding company for Seacoast National Bank is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +17.7%. Revenues are expected to be $135.28 million, down 1.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Seacoast Banking, the consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SBCF going forward to see if this recent jump can turn into more strength down the road.
Seacoast Banking is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, Capstar Financial , finished the last trading session 3.9% higher at $19.10. CSTR has returned 11.4% over the past month.
Capstar Financial's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.33. Compared to the company's year-ago EPS, this represents a change of -29.8%. Capstar Financial currently boasts a Zacks Rank of #3 (Hold).
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Seacoast Banking (SBCF) Moves 5.1% Higher: Will This Strength Last?
Seacoast Banking (SBCF - Free Report) shares soared 5.1% in the last trading session to close at $29.28. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.6% gain over the past four weeks.
The Federal Reserve has signaled an end to the current rate hike cycle by keeping interest rates unchanged at the 22-year high of 5.25-5.5% at the end of the two-day FOMC meeting. The central bank has also indicated a 75 basis points cut in rates by 2024-end. The above-mentioned developments have attributed to bullish investor sentiments. Given the fall in rates, the higher funding costs being faced by banks will likely come down somewhat next year, thus supporting net interest income and margins. This probably drove the SBCF stock higher in last day’s trading session.
This holding company for Seacoast National Bank is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +17.7%. Revenues are expected to be $135.28 million, down 1.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Seacoast Banking, the consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SBCF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Seacoast Banking is a member of the Zacks Banks - Southeast industry. One other stock in the same industry, Capstar Financial , finished the last trading session 3.9% higher at $19.10. CSTR has returned 11.4% over the past month.
Capstar Financial's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.33. Compared to the company's year-ago EPS, this represents a change of -29.8%. Capstar Financial currently boasts a Zacks Rank of #3 (Hold).