$152.75 Million in Sales Expected for South State Corporation (SSB) This Quarter
Equities research analysts predict that South State Corporation (NASDAQ:SSB) will report sales of $152.75 million for the current quarter, Zacks reports. Two analysts have provided estimates for South State Corporation’s earnings, with the highest sales estimate coming in at $155.30 million and the lowest estimate coming in at $150.20 million. South State Corporation reported sales of $113.43 million during the same quarter last year, which indicates a positive year-over-year growth rate of 34.7%. The firm is expected to announce its next quarterly earnings report on Friday, January 26th.
On average, analysts expect that South State Corporation will report full year sales of $152.75 million for the current fiscal year, with estimates ranging from $557.00 million to $562.10 million. For the next year, analysts expect that the company will report sales of $715.45 million per share, with estimates ranging from $708.60 million to $722.30 million. Zacks’ sales calculations are an average based on a survey of research firms that follow South State Corporation.
South State Corporation (NASDAQ:SSB) last issued its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.02. South State Corporation had a return on equity of 8.85% and a net margin of 20.48%. The firm had revenue of $136.36 million for the quarter, compared to the consensus estimate of $139.85 million. During the same period in the prior year, the business posted $1.18 earnings per share. The company’s revenue for the quarter was up 17.0% on a year-over-year basis.
Several equities research analysts have recently weighed in on the company. BidaskClub upgraded South State Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Zacks Investment Research downgraded South State Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th. Keefe, Bruyette & Woods upgraded South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 price objective on the stock in a report on Tuesday, July 25th. Piper Jaffray Companies restated a “neutral” rating and set a $90.00 price objective on shares of South State Corporation in a report on Thursday, October 5th. Finally, SunTrust Banks, Inc. raised their price objective on South State Corporation from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $95.67.
Shares of South State Corporation (NASDAQ:SSB) opened at $86.50 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. South State Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $93.85. The firm has a market capitalization of $2,522.24, a P/E ratio of 18.32, a PEG ratio of 2.27 and a beta of 1.09.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 10th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, November 9th. This represents a $1.32 annualized dividend and a yield of 1.53%. South State Corporation’s payout ratio is currently 33.85%.
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In other news, insider Joe E. Burns sold 500 shares of South State Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total value of $41,695.00. Following the transaction, the insider now directly owns 39,947 shares in the company, valued at approximately $3,331,180.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of South State Corporation stock in a transaction on Friday, August 25th. The shares were sold at an average price of $82.10, for a total value of $232,425.10. Following the completion of the transaction, the chief executive officer now owns 140,215 shares in the company, valued at $11,511,651.50. The disclosure for this sale can be found here. Insiders have sold a total of 52,688 shares of company stock worth $4,798,586 over the last 90 days. 2.78% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the company. SG Americas Securities LLC increased its holdings in shares of South State Corporation by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after acquiring an additional 20 shares during the period. Bank of Montreal Can increased its holdings in shares of South State Corporation by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after acquiring an additional 34 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management increased its holdings in shares of South State Corporation by 1.5% in the 2nd quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,300 shares of the bank’s stock valued at $369,000 after acquiring an additional 65 shares during the period. Carroll Financial Associates Inc. increased its holdings in shares of South State Corporation by 2.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 3,438 shares of the bank’s stock valued at $294,000 after acquiring an additional 83 shares during the period. Finally, Prudential Financial Inc. increased its holdings in shares of South State Corporation by 0.8% in the 1st quarter. Prudential Financial Inc. now owns 16,650 shares of the bank’s stock valued at $1,488,000 after acquiring an additional 130 shares during the period. Institutional investors and hedge funds own 67.32% of the company’s stock.
About South State Corporation
South State Corporation (NASDAQ: SSB) is the largest bank holding company headquartered in South Carolina. Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 19 South Carolina counties, 12 Georgia counties and 4 North Carolina counties for over 80 years.
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