Wall Street brokerages expect South State Corp (NASDAQ:SSB) to report sales of $164.60 million for the current quarter, Zacks reports. Two analysts have provided estimates for South State’s earnings. The lowest sales estimate is $164.40 million and the highest is $164.80 million. South State posted sales of $160.32 million during the same quarter last year, which would indicate a positive year over year growth rate of 2.7%. The business is scheduled to issue its next earnings report on Monday, October 28th.
On average, analysts expect that South State will report full year sales of $646.85 million for the current fiscal year, with estimates ranging from $646.50 million to $647.20 million. For the next financial year, analysts anticipate that the business will report sales of $669.20 million, with estimates ranging from $667.00 million to $671.40 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover South State.
South State (NASDAQ:SSB) last released its earnings results on Monday, July 29th. The bank reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.08. South State had a return on equity of 8.11% and a net margin of 25.33%. The firm had revenue of $164.80 million during the quarter, compared to analysts’ expectations of $159.75 million. During the same quarter last year, the business posted $1.43 earnings per share.
A number of brokerages recently commented on SSB. ValuEngine raised South State from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. SunTrust Banks raised their price objective on South State to $85.00 and gave the company an “in-line” rating in a research note on Wednesday, May 1st. Zacks Investment Research raised South State from a “sell” rating to a “hold” rating in a research note on Friday, May 31st. Finally, BidaskClub raised South State from a “hold” rating to a “buy” rating in a research note on Saturday, July 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $77.75.
In other South State news, Director Robert H. Demere, Jr. purchased 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was purchased at an average cost of $68.40 per share, with a total value of $205,200.00. Following the purchase, the director now owns 49,081 shares of the company’s stock, valued at $3,357,140.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Keith S. Rainwater sold 548 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $73.60, for a total value of $40,332.80. Following the sale, the insider now directly owns 5,398 shares of the company’s stock, valued at $397,292.80. The disclosure for this sale can be found here. 2.05% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of SSB. JPMorgan Chase & Co. increased its holdings in South State by 738.8% during the 1st quarter. JPMorgan Chase & Co. now owns 270,004 shares of the bank’s stock worth $18,452,000 after purchasing an additional 237,815 shares during the period. Norges Bank purchased a new position in shares of South State in the 4th quarter valued at $13,657,000. Dalton Greiner Hartman Maher & Co. increased its holdings in shares of South State by 300.0% in the 1st quarter. Dalton Greiner Hartman Maher & Co. now owns 197,606 shares of the bank’s stock valued at $13,504,000 after acquiring an additional 148,206 shares during the period. New York State Common Retirement Fund increased its holdings in shares of South State by 109.1% in the 1st quarter. New York State Common Retirement Fund now owns 242,469 shares of the bank’s stock valued at $16,570,000 after acquiring an additional 126,520 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of South State by 7.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,575,107 shares of the bank’s stock valued at $94,428,000 after acquiring an additional 103,151 shares during the period. 79.06% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:SSB traded down $0.83 during trading on Friday, hitting $76.09. 176,685 shares of the company’s stock were exchanged, compared to its average volume of 155,040. The firm has a 50-day moving average of $74.90. South State has a 52-week low of $56.55 and a 52-week high of $85.50. The firm has a market capitalization of $2.83 billion, a P/E ratio of 13.83 and a beta of 1.31. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.99 and a current ratio of 0.99.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 9th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.26%. This is a positive change from South State’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, August 8th. South State’s dividend payout ratio (DPR) is presently 29.09%.
About South State
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 services, 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, and ATM processing services.
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