Zacks: Analysts Expect South State Corporation (SSB) Will Post Earnings of $1.20 Per Share
Wall Street brokerages forecast that South State Corporation (NASDAQ:SSB) will announce $1.20 earnings per share (EPS) for the current quarter, Zacks reports. Two analysts have provided estimates for South State Corporation’s earnings, with estimates ranging from $1.19 to $1.21. South State Corporation posted earnings per share of $1.18 during the same quarter last year, which indicates a positive year over year growth rate of 1.7%. The company is scheduled to announce its next earnings results on Friday, October 20th.
According to Zacks, analysts expect that South State Corporation will report full-year earnings of $4.72 per share for the current fiscal year. For the next financial year, analysts forecast that the business will post earnings of $5.08 per share, with EPS estimates ranging from $5.00 to $5.15. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover South State Corporation.
South State Corporation (NASDAQ:SSB) last issued its quarterly earnings results on Friday, July 21st. The bank reported $1.18 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.18. The firm had revenue of $136.61 million for the quarter, compared to analysts’ expectations of $137 million. South State Corporation had a return on equity of 9.74% and a net margin of 20.00%.
SSB has been the topic of a number of recent analyst reports. Zacks Investment Research raised South State Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 22nd. BidaskClub raised South State Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Stephens reaffirmed a “hold” rating on shares of South State Corporation in a report on Friday, May 12th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $92.00 price target on shares of South State Corporation in a report on Monday, April 10th. Finally, Brean Capital reaffirmed a “hold” rating on shares of South State Corporation in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. South State Corporation currently has an average rating of “Hold” and a consensus price target of $96.50.
Shares of South State Corporation (NASDAQ:SSB) traded up 0.06% during trading on Tuesday, reaching $83.95. The company had a trading volume of 60,944 shares. The stock has a 50 day moving average of $85.21 and a 200 day moving average of $86.98. South State Corporation has a 52-week low of $69.40 and a 52-week high of $93.40. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 21.93 and a beta of 1.09.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Friday, August 11th will be given a $0.33 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.32 annualized dividend and a yield of 1.57%. South State Corporation’s dividend payout ratio (DPR) is 34.11%.
In other South State Corporation news, insider Joe E. Burns sold 1,950 shares of South State Corporation stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $85.00, for a total transaction of $165,750.00. Following the transaction, the insider now directly owns 42,795 shares in the company, valued at approximately $3,637,575. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Keith S. Rainwater sold 300 shares of South State Corporation stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $86.10, for a total transaction of $25,830.00. Following the transaction, the insider now owns 5,328 shares in the company, valued at $458,740.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,765 shares of company stock worth $832,259. 2.78% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Strs Ohio boosted its position in South State Corporation by 116.7% in the first quarter. Strs Ohio now owns 1,300 shares of the bank’s stock valued at $116,000 after buying an additional 700 shares during the last quarter. Bank of Montreal Can boosted its position in South State Corporation by 2.2% in the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after buying an additional 34 shares during the last quarter. SG Americas Securities LLC boosted its position in South State Corporation by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after buying an additional 20 shares during the last quarter. Advisory Services Network LLC purchased a new position in South State Corporation during the first quarter valued at $165,000. Finally, Ameritas Investment Partners Inc. purchased a new position in South State Corporation during the first quarter valued at $197,000. Hedge funds and other institutional investors own 63.05% of the company’s stock.
South State Corporation Company Profile
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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