Analysts Expect South State Corp (SSB) to Post $1.34 EPS

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Equities analysts forecast that South State Corp (NASDAQ:SSB) will announce $1.34 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for South State’s earnings. The lowest EPS estimate is $1.33 and the highest is $1.34. South State posted earnings per share of $1.30 in the same quarter last year, which indicates a positive year-over-year growth rate of 3.1%. The company is expected to announce its next earnings report on Tuesday, January 22nd.

On average, analysts expect that South State will report full year earnings of $5.49 per share for the current year, with EPS estimates ranging from $5.48 to $5.50. For the next fiscal year, analysts expect that the firm will report earnings of $5.40 per share, with EPS estimates ranging from $5.15 to $5.54. Zacks’ EPS calculations are a mean average based on a survey of research firms that that provide coverage for South State.

South State (NASDAQ:SSB) last posted its earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.11). South State had a net margin of 19.08% and a return on equity of 8.32%. The firm had revenue of $160.32 million during the quarter, compared to analyst estimates of $167.07 million. During the same quarter in the prior year, the firm earned $1.22 earnings per share.

SSB has been the subject of a number of research analyst reports. BidaskClub upgraded shares of South State from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Brean Capital restated a “hold” rating on shares of South State in a research report on Monday, August 27th. Zacks Investment Research upgraded shares of South State from a “sell” rating to a “hold” rating in a research report on Tuesday, August 28th. Finally, Stephens restated a “hold” rating and set a $95.00 price objective on shares of South State in a research report on Tuesday, October 23rd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $88.40.

In other South State news, Director Robert H. Demere, Jr. bought 2,000 shares of South State stock in a transaction dated Friday, October 26th. The stock was acquired at an average cost of $63.12 per share, for a total transaction of $126,240.00. Following the completion of the transaction, the director now directly owns 44,360 shares of the company’s stock, valued at $2,800,003.20. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Joe E. Burns sold 4,261 shares of the stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $69.24, for a total transaction of $295,031.64. Following the completion of the sale, the insider now owns 37,590 shares of the company’s stock, valued at $2,602,731.60. The disclosure for this sale can be found here. 1.96% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of South State by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,429,842 shares of the bank’s stock valued at $123,326,000 after purchasing an additional 39,934 shares during the period. Fenimore Asset Management Inc. grew its holdings in shares of South State by 8.2% in the third quarter. Fenimore Asset Management Inc. now owns 617,456 shares of the bank’s stock valued at $50,631,000 after purchasing an additional 46,639 shares during the period. First Trust Advisors LP grew its holdings in shares of South State by 84.6% in the third quarter. First Trust Advisors LP now owns 96,290 shares of the bank’s stock valued at $7,896,000 after purchasing an additional 44,128 shares during the period. American Century Companies Inc. purchased a new stake in shares of South State in the third quarter valued at about $13,574,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of South State by 9.4% in the second quarter. Bank of New York Mellon Corp now owns 678,187 shares of the bank’s stock valued at $58,493,000 after purchasing an additional 58,095 shares during the period. Institutional investors and hedge funds own 76.46% of the company’s stock.

SSB opened at $66.86 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.05. South State has a 1 year low of $61.26 and a 1 year high of $93.25. The firm has a market capitalization of $2.50 billion, a P/E ratio of 13.79 and a beta of 1.06.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 16th. Stockholders of record on Friday, November 9th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.15%. This is a boost from South State’s previous quarterly dividend of $0.35. The ex-dividend date was Thursday, November 8th. South State’s dividend payout ratio is 29.69%.

South State Company Profile

South State Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, trust and wealth management, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, ATM processing, and wealth management and trust services.

Further Reading: Understanding Compound Annual Growth Rate (CAGR)

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