$357.35 Million in Sales Expected for South State Co. (NASDAQ:SSB) This Quarter


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Brokerages expect South State Co. (NASDAQ:SSB) to announce $357.35 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for South State’s earnings, with estimates ranging from $343.50 million to $371.30 million. South State reported sales of $172.15 million during the same quarter last year, which indicates a positive year over year growth rate of 107.6%. The firm is expected to issue its next quarterly earnings report on Thursday, April 22nd.

According to Zacks, analysts expect that South State will report full year sales of $1.42 billion for the current financial year, with estimates ranging from $1.40 billion to $1.44 billion. For the next financial year, analysts forecast that the business will report sales of $1.38 billion, with estimates ranging from $1.36 billion to $1.40 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover South State.

South State (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, January 27th. The bank reported $1.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.48 by ($0.04). South State had a return on equity of 6.67% and a net margin of 8.18%. During the same period last year, the business earned $1.48 earnings per share.

A number of analysts have recently issued reports on SSB shares. TheStreet raised South State from a “c” rating to a “b-” rating in a research note on Friday, October 30th. Raymond James downgraded South State from an “outperform” rating to a “market perform” rating in a research report on Friday, January 29th. DA Davidson downgraded South State from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $73.00 to $76.00 in a research report on Monday, November 16th. Keefe, Bruyette & Woods downgraded South State from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $68.00 to $72.00 in a research report on Wednesday, November 18th. Finally, Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a research report on Tuesday, January 5th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $69.00.

Shares of NASDAQ:SSB traded down $0.60 during trading on Thursday, reaching $82.71. The stock had a trading volume of 9,623 shares, compared to its average volume of 304,863. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.99. The business has a fifty day moving average price of $77.90 and a 200-day moving average price of $65.75. The stock has a market cap of $5.87 billion, a PE ratio of 54.10 and a beta of 1.08. South State has a 1-year low of $40.42 and a 1-year high of $84.15.

The business also recently announced a quarterly dividend, which was paid on Friday, February 19th. Investors of record on Friday, February 12th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $1.88 annualized dividend and a yield of 2.27%. South State’s payout ratio is 33.39%.

In other news, EVP John C. Pollok sold 5,670 shares of the business’s stock in a transaction dated Tuesday, February 23rd. The stock was sold at an average price of $85.00, for a total value of $481,950.00. Following the completion of the sale, the executive vice president now directly owns 66,548 shares of the company’s stock, valued at approximately $5,656,580. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert R. Hill, Jr. sold 7,000 shares of the business’s stock in a transaction dated Wednesday, December 2nd. The shares were sold at an average price of $69.75, for a total value of $488,250.00. Following the completion of the sale, the chairman now directly owns 173,059 shares of the company’s stock, valued at $12,070,865.25. The disclosure for this sale can be found here. Insiders have sold a total of 54,172 shares of company stock valued at $4,109,094 over the last three months. 1.43% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its stake in shares of South State by 6.4% during the 4th quarter. BlackRock Inc. now owns 5,380,668 shares of the bank’s stock worth $389,023,000 after buying an additional 325,688 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of South State by 2.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,863,145 shares of the bank’s stock worth $279,305,000 after acquiring an additional 77,502 shares during the period. Select Equity Group L.P. grew its holdings in South State by 211.7% during the 4th quarter. Select Equity Group L.P. now owns 2,064,243 shares of the bank’s stock valued at $149,245,000 after buying an additional 1,401,885 shares during the last quarter. Victory Capital Management Inc. grew its holdings in South State by 5.8% during the 4th quarter. Victory Capital Management Inc. now owns 1,656,087 shares of the bank’s stock valued at $119,735,000 after buying an additional 90,996 shares during the last quarter. Finally, Earnest Partners LLC boosted its holdings in shares of South State by 0.7% during the third quarter. Earnest Partners LLC now owns 1,130,307 shares of the bank’s stock worth $54,424,000 after purchasing an additional 7,792 shares during the last quarter. 76.01% of the stock is owned by hedge funds and other institutional investors.

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, and trust and wealth management services. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, checking accounts, money market accounts, certificates of deposit, and other time deposits.

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Earnings History and Estimates for South State (NASDAQ:SSB)

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