Equities analysts forecast that South State Corp (NASDAQ:SSB) will post $159.75 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for South State’s earnings, with the highest sales estimate coming in at $160.60 million and the lowest estimate coming in at $158.90 million. South State posted sales of $167.09 million in the same quarter last year, which suggests a negative year-over-year growth rate of 4.4%. The business is expected to announce its next quarterly earnings results after the market closes on Monday, July 29th.
According to Zacks, analysts expect that South State will report full year sales of $643.05 million for the current fiscal year, with estimates ranging from $639.60 million to $646.50 million. For the next year, analysts expect that the company will report sales of $669.90 million, with estimates ranging from $668.40 million to $671.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow South State.
South State (NASDAQ:SSB) last released its quarterly earnings data on Monday, April 29th. The bank reported $1.26 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.26. The company had revenue of $155.33 million for the quarter, compared to analysts’ expectations of $158.86 million. South State had a net margin of 25.49% and a return on equity of 8.27%. During the same quarter in the prior year, the firm earned $1.39 EPS.
In other news, Director Robert H. Demere, Jr. acquired 3,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was purchased at an average price of $68.40 per share, for a total transaction of $205,200.00. Following the purchase, the director now owns 49,081 shares in the company, valued at approximately $3,357,140.40. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Keith S. Rainwater sold 548 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $73.60, for a total transaction of $40,332.80. Following the completion of the sale, the insider now owns 5,398 shares of the company’s stock, valued at approximately $397,292.80. The disclosure for this sale can be found here. Company insiders own 2.05% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its stake in 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 buying an additional 103,151 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of South State by 3.8% during the 1st quarter. Victory Capital Management Inc. now owns 1,217,236 shares of the bank’s stock worth $83,186,000 after purchasing an additional 44,214 shares during the last quarter. Fenimore Asset Management Inc. increased its stake in shares of South State by 1.9% during the 1st quarter. Fenimore Asset Management Inc. now owns 892,968 shares of the bank’s stock worth $61,025,000 after purchasing an additional 16,280 shares during the last quarter. Northern Trust Corp increased its stake in shares of South State by 1.1% during the 4th quarter. Northern Trust Corp now owns 751,086 shares of the bank’s stock worth $45,028,000 after purchasing an additional 8,021 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of South State by 0.4% during the 4th quarter. Bank of New York Mellon Corp now owns 737,262 shares of the bank’s stock worth $44,199,000 after purchasing an additional 2,906 shares during the last quarter. Hedge funds and other institutional investors own 79.22% of the company’s stock.
Shares of SSB stock traded up $1.04 on Friday, reaching $76.33. 138,945 shares of the company were exchanged, compared to its average volume of 167,420. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.26. South State has a one year low of $56.55 and a one year high of $90.80. The stock has a market capitalization of $2.64 billion, a P/E ratio of 13.88 and a beta of 1.32. The firm has a 50-day simple moving average of $71.50.
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 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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