Brokerages Anticipate South State Corp (SSB) Will Post Quarterly Sales of $167.07 Million

Brokerages predict that South State Corp (NASDAQ:SSB) will post $167.07 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for South State’s earnings, with the lowest sales estimate coming in at $164.90 million and the highest estimate coming in at $168.40 million. South State posted sales of $136.36 million in the same quarter last year, which suggests a positive year-over-year growth rate of 22.5%. The firm is expected to report its next earnings results after the market closes on Monday, October 22nd.

According to Zacks, analysts expect that South State will report full year sales of $673.57 million for the current financial year, with estimates ranging from $667.60 million to $677.50 million. For the next year, analysts anticipate that the company will report sales of $699.63 million, with estimates ranging from $684.20 million to $714.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow South State.

South State (NASDAQ:SSB) last announced its earnings results on Monday, July 30th. The bank reported $1.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.04). The firm had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $177.03 million. South State had a net margin of 18.27% and a return on equity of 8.41%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.18 EPS.

A number of analysts have issued reports on the company. Zacks Investment Research lowered South State from a “hold” rating to a “sell” rating in a research report on Wednesday, June 27th. Brean Capital reissued a “hold” rating on shares of South State in a research report on Monday, August 27th. ValuEngine lowered South State from a “hold” rating to a “sell” rating in a research report on Tuesday, July 31st. Sandler O’Neill restated a “hold” rating and issued a $81.00 price target on shares of South State in a research note on Thursday, August 2nd. Finally, BidaskClub upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Saturday, June 23rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $94.00.

In other South State news, Director Martin Bernard Davis purchased 1,000 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was acquired at an average price of $84.03 per share, for a total transaction of $84,030.00. Following the completion of the purchase, the director now directly owns 1,820 shares in the company, valued at approximately $152,934.60. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.96% of the company’s stock.

A number of large investors have recently modified their holdings of SSB. Quantbot Technologies LP lifted its position in South State by 357.1% in the 1st quarter. Quantbot Technologies LP now owns 1,481 shares of the bank’s stock valued at $126,000 after purchasing an additional 1,157 shares during the last quarter. UBS Group AG raised its position in shares of South State by 109.3% during the 1st quarter. UBS Group AG now owns 1,877 shares of the bank’s stock worth $160,000 after buying an additional 980 shares in the last quarter. Sei Investments Co. raised its position in shares of South State by 130.7% during the 1st quarter. Sei Investments Co. now owns 2,581 shares of the bank’s stock worth $220,000 after buying an additional 1,462 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of South State during the 1st quarter worth about $227,000. Finally, Stevens Capital Management LP bought a new stake in shares of South State during the 2nd quarter worth about $232,000. Hedge funds and other institutional investors own 73.90% of the company’s stock.

NASDAQ SSB traded down $0.99 on Friday, reaching $77.22. The stock had a trading volume of 211,355 shares, compared to its average volume of 136,059. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 1.79 and a beta of 0.94. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.05. South State has a 12-month low of $74.88 and a 12-month high of $94.50.

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, 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.

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