South State Co. (NASDAQ:SSB) Expected to Post Earnings of $1.61 Per Share

Wall Street brokerages forecast that South State Co. (NASDAQ:SSB) will report earnings of $1.61 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for South State’s earnings, with the highest EPS estimate coming in at $1.96 and the lowest estimate coming in at $1.42. South State reported earnings of $0.89 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 80.9%. The firm is scheduled to announce its next quarterly earnings report on Thursday, July 29th.

According to Zacks, analysts expect that South State will report full-year earnings of $6.45 per share for the current financial year, with EPS estimates ranging from $5.77 to $7.63. For the next year, analysts anticipate that the company will report earnings of $5.98 per share, with EPS estimates ranging from $5.61 to $6.40. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow South State.

South State (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, April 28th. The bank reported $2.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.75. The business had revenue of $358.28 million for the quarter, compared to analyst estimates of $360.90 million. South State had a return on equity of 6.67% and a net margin of 8.18%. The business’s revenue was up 108.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 EPS.

A number of equities analysts have issued reports on the stock. Truist raised their target price on shares of South State from $85.00 to $97.00 in a report on Monday, March 8th. Zacks Investment Research raised South State from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a report on Tuesday. Finally, Raymond James cut South State from an “outperform” rating to a “market perform” rating in a research note on Friday, January 29th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $79.40.

Shares of NASDAQ:SSB traded up $1.49 during trading on Tuesday, reaching $86.32. 369,521 shares of the company’s stock traded hands, compared to its average volume of 342,117. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.99 and a quick ratio of 0.97. South State has a 12 month low of $40.42 and a 12 month high of $93.26. The company has a 50 day moving average of $82.06 and a 200-day moving average of $75.71. The stock has a market capitalization of $6.13 billion, a P/E ratio of 55.08 and a beta of 1.08.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 21st. Stockholders of record on Friday, May 14th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Thursday, May 13th. South State’s dividend payout ratio (DPR) is presently 33.39%.

In other news, Director Ernest S. Pinner sold 5,000 shares of the firm’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $87.61, for a total transaction of $438,050.00. Also, EVP John C. Pollok sold 5,120 shares of the firm’s stock in a transaction on Friday, February 19th. The stock was sold at an average price of $80.30, for a total value of $411,136.00. Following the sale, the executive vice president now directly owns 72,218 shares of the company’s stock, valued at $5,799,105.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,102 shares of company stock worth $4,531,377. 1.43% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Bank & Trust boosted its stake in shares of South State by 92.9% during the 1st quarter. First Bank & Trust now owns 1,277 shares of the bank’s stock worth $101,000 after acquiring an additional 615 shares in the last quarter. Toronto Dominion Bank acquired a new stake in shares of South State in the fourth quarter worth $100,000. Meeder Asset Management Inc. acquired a new stake in shares of South State in the first quarter worth $124,000. Chatham Capital Group Inc. acquired a new stake in shares of South State in the first quarter worth $200,000. Finally, IFG Advisory LLC acquired a new stake in shares of South State in the fourth quarter worth $216,000. 76.01% of the stock is owned by institutional investors and hedge funds.

About South State

South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products. The company accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, and other time deposits. It also offers commercial real estate loans, residential real estate loans, commercial, and industrial loans, as well as consumer loans, including auto, boat, and personal installment loans.

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

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