Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$121.7m (down 19% from 2Q 2023).

• Net income: US$30.2m (down 3.2% from 2Q 2023).

• Profit margin: 25% (up from 21% in 2Q 2023). The increase in margin was driven by lower expenses.

• EPS: US$0.36 (down from US$0.37 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Seacoast Banking Corporation of Florida EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.9%.

Looking ahead, revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are up 4.4% from a week ago.

Valuation

Our analysis of these results suggests Seacoast Banking Corporation of Florida may be overvalued based on 6 important criteria we look at. To explore our complete evaluation click here and get an understanding of what analysts are thinking about the company's future.

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