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Seacoast Banking (SBCF) Surges 15.2%: Is This an Indication of Further Gains?
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Seacoast Banking (SBCF - Free Report) shares ended the last trading session 15.2% higher at $24.54. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 34.4% loss over the past four weeks.
After stumbling significantly over the past few trading day, the trend reversed. Following the fall out of the collapse of two S&P 500 banks, the investors regained some confidence in the sector amid the steps taken by the regulators to avert a full-blown bank run. Moreover, inflation numbers came out as expected, which further reinforced investor optimism. These developments drove the SBCF stock higher.
This holding company for Seacoast National Bank is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of -63.6%. Revenues are expected to be $157 million, up 70.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Seacoast Banking, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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 part of the Zacks Banks - Southeast industry. First National Corp. (FXNC - Free Report) , another stock in the same industry, closed the last trading session 1.7% lower at $17.27. FXNC has returned 0.9% in the past month.
For First National Corp., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.56. This represents a change of -6.7% from what the company reported a year ago. First National Corp. currently has a Zacks Rank of #3 (Hold).
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Seacoast Banking (SBCF) Surges 15.2%: Is This an Indication of Further Gains?
Seacoast Banking (SBCF - Free Report) shares ended the last trading session 15.2% higher at $24.54. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 34.4% loss over the past four weeks.
After stumbling significantly over the past few trading day, the trend reversed. Following the fall out of the collapse of two S&P 500 banks, the investors regained some confidence in the sector amid the steps taken by the regulators to avert a full-blown bank run. Moreover, inflation numbers came out as expected, which further reinforced investor optimism. These developments drove the SBCF stock higher.
This holding company for Seacoast National Bank is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of -63.6%. Revenues are expected to be $157 million, up 70.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Seacoast Banking, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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 part of the Zacks Banks - Southeast industry. First National Corp. (FXNC - Free Report) , another stock in the same industry, closed the last trading session 1.7% lower at $17.27. FXNC has returned 0.9% in the past month.
For First National Corp., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.56. This represents a change of -6.7% from what the company reported a year ago. First National Corp. currently has a Zacks Rank of #3 (Hold).