Wall Street brokerages expect that South State Corporation (NASDAQ:SSB) will report sales of $139.85 million for the current quarter, Zacks reports. Two analysts have made estimates for South State Corporation’s earnings, with the highest sales estimate coming in at $140.60 million and the lowest estimate coming in at $139.10 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 report its next earnings results before the market opens on Tuesday, October 24th.
On average, analysts expect that South State Corporation will report full year sales of $139.85 million for the current year. For the next financial year, analysts forecast that the company will report 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 an average based on a survey of sell-side analysts that that provide coverage for South State Corporation.
South State Corporation (NASDAQ:SSB) last posted its earnings results on Friday, July 21st. The bank reported $1.18 EPS for the quarter, meeting the consensus estimate of $1.18. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. The firm had revenue of $136.61 million for the quarter, compared to analysts’ expectations of $137.00 million.
Several research analysts recently weighed in on SSB shares. BidaskClub upgraded shares of South State Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Zacks Investment Research cut shares of South State Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. Finally, 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 report on Tuesday, July 25th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $92.50.
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In other news, CEO Robert R. Hill, Jr. sold 2,831 shares of the business’s 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 of the company’s stock, valued at approximately $11,511,651.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joe E. Burns sold 500 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $83.39, for a total transaction of $41,695.00. Following the completion of the transaction, the insider now directly owns 39,947 shares of the company’s stock, valued at approximately $3,331,180.33. The disclosure for this sale can be found here. Insiders have sold a total of 3,581 shares of company stock valued at $294,408 in the last quarter. Corporate insiders own 2.78% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Strs Ohio boosted its stake in South State Corporation by 116.7% in the 1st quarter. Strs Ohio now owns 1,300 shares of the bank’s stock worth $116,000 after purchasing an additional 700 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in South State Corporation by 47.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after purchasing an additional 497 shares during the period. Bank of Montreal Can boosted its stake in South State Corporation by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after purchasing an additional 34 shares during the period. SG Americas Securities LLC boosted its stake in South State Corporation by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after purchasing an additional 20 shares during the period. Finally, D.A. Davidson & CO. boosted its stake in South State Corporation by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after purchasing an additional 614 shares during the period. 66.71% of the stock is owned by institutional investors.
Shares of South State Corporation (NASDAQ SSB) traded down 0.49% during trading on Thursday, reaching $91.45. The company’s stock had a trading volume of 123,602 shares. The company has a market capitalization of $2.66 billion, a P/E ratio of 23.89 and a beta of 1.10. South State Corporation has a 12 month low of $70.75 and a 12 month high of $93.40. The company’s 50-day moving average is $84.18 and its 200-day moving average is $85.31.
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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