Brokerages forecast that South State Corporation (NASDAQ:SSB) will announce $139.85 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for South State Corporation’s earnings. The lowest sales estimate is $139.10 million and the highest is $140.60 million. South State Corporation reported sales of $116.59 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 20%. The company is expected to issue its next quarterly earnings report on Friday, October 20th.
According to Zacks, analysts expect that South State Corporation will report full year sales of $139.85 million for the current year. For the next fiscal year, analysts anticipate that the company will post sales of $727.45 million per share, with estimates ranging from $714.20 million to $740.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover South State Corporation.
South State Corporation (NASDAQ:SSB) last released its quarterly earnings data on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, meeting the consensus estimate of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The firm had revenue of $136.61 million during the quarter, compared to analysts’ expectations of $137 million.
A number of research firms recently commented on SSB. Brean Capital reiterated a “hold” rating on shares of South State Corporation in a research note on Wednesday, August 2nd. BidaskClub cut shares of South State Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods upgraded shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 target price for the company in a research note on Tuesday, July 25th. Zacks Investment Research cut shares of South State Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 26th. Finally, Stephens reiterated a “hold” rating on shares of South State Corporation in a research note on Friday, May 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $96.50.
In other South State Corporation news, insider Keith S. Rainwater sold 300 shares of South State Corporation stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $86.10, for a total transaction of $25,830.00. Following the completion of the sale, the insider now directly owns 5,328 shares in the company, valued at approximately $458,740.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joe E. Burns sold 1,950 shares of South State Corporation stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $85.00, for a total transaction of $165,750.00. Following the sale, the insider now owns 42,795 shares of the company’s stock, valued at $3,637,575. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,765 shares of company stock valued at $832,259. Company insiders own 2.78% of the company’s stock.
A number of hedge funds have recently made changes to their positions in SSB. Swiss National Bank boosted its stake in shares of South State Corporation by 14.6% in the first quarter. Swiss National Bank now owns 45,552 shares of the bank’s stock valued at $4,070,000 after buying an additional 5,800 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of South State Corporation by 0.4% in the first quarter. Goldman Sachs Group Inc. now owns 786,114 shares of the bank’s stock valued at $70,239,000 after buying an additional 3,268 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of South State Corporation during the fourth quarter valued at approximately $489,000. Wellington Management Group LLP boosted its stake in shares of South State Corporation by 44.9% in the first quarter. Wellington Management Group LLP now owns 1,138,922 shares of the bank’s stock valued at $101,762,000 after buying an additional 353,057 shares during the last quarter. Finally, Greenwood Capital Associates LLC boosted its stake in shares of South State Corporation by 4.6% in the first quarter. Greenwood Capital Associates LLC now owns 26,325 shares of the bank’s stock valued at $2,353,000 after buying an additional 1,165 shares during the last quarter. Institutional investors and hedge funds own 63.05% of the company’s stock.
Shares of South State Corporation (NASDAQ:SSB) opened at 82.90 on Thursday. The stock has a market capitalization of $2.41 billion, a PE ratio of 21.66 and a beta of 1.09. The firm’s 50-day moving average is $84.58 and its 200-day moving average is $86.89. South State Corporation has a one year low of $69.40 and a one year high of $93.40.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Friday, August 11th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.59%. The ex-dividend date is Wednesday, August 9th. South State Corporation’s payout ratio is 34.11%.
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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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