$139.85 Million in Sales Expected for South State Corporation (NASDAQ:SSB) This Quarter
Equities analysts forecast that South State Corporation (NASDAQ:SSB) will post $139.85 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for South State Corporation’s earnings, with the highest sales estimate coming in at $140.60 million and the lowest estimate coming in at $139.10 million. South State Corporation posted sales of $116.59 million in the same quarter last year, which suggests a positive year-over-year growth rate of 20%. The business is expected to announce its next quarterly earnings results on Friday, October 20th.
According to Zacks, analysts expect that South State Corporation will report full year sales of $139.85 million for the current fiscal year. For the next year, analysts expect that the company will report sales of $727.45 million per share, with estimates ranging from $714.20 million to $740.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow South State Corporation.
South State Corporation (NASDAQ:SSB) last announced its quarterly earnings data on Friday, July 21st. The bank reported $1.18 EPS for the quarter, meeting the consensus estimate of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The business had revenue of $136.61 million during the quarter, compared to the consensus estimate of $137 million.
SSB has been the subject of several analyst reports. Zacks Investment Research downgraded shares of South State Corporation from a “hold” rating to a “sell” rating in a report on Thursday, April 13th. BidaskClub raised shares of South State Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Stephens reissued a “hold” rating on shares of South State Corporation in a report on Friday, May 12th. Finally, Keefe, Bruyette & Woods raised shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 price target for the company in a report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $96.50.
In other news, CEO Robert R. Hill, Jr. sold 5,727 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $85.27, for a total transaction of $488,341.29. Following the sale, the chief executive officer now owns 137,269 shares in the company, valued at approximately $11,704,927.63. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Keith S. Rainwater sold 300 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $86.10, for a total transaction of $25,830.00. Following the sale, the insider now owns 5,328 shares in the company, valued at approximately $458,740.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,765 shares of company stock worth $832,259. Corporate insiders own 2.78% of the company’s stock.
Several hedge funds have recently bought and sold shares of SSB. BlackRock Inc. boosted its stake in South State Corporation by 15,348.4% in the first quarter. BlackRock Inc. now owns 1,899,075 shares of the bank’s stock valued at $169,681,000 after buying an additional 1,886,782 shares during the period. Vanguard Group Inc. boosted its stake in South State Corporation by 21.8% in the first quarter. Vanguard Group Inc. now owns 2,189,012 shares of the bank’s stock valued at $195,589,000 after buying an additional 391,665 shares during the period. Wellington Management Group LLP boosted its stake in South State Corporation by 44.9% in the first quarter. Wellington Management Group LLP now owns 1,138,922 shares of the bank’s stock valued at $101,762,000 after buying an additional 353,057 shares during the period. Westwood Holdings Group Inc. boosted its stake in South State Corporation by 2,286.6% in the first quarter. Westwood Holdings Group Inc. now owns 366,755 shares of the bank’s stock valued at $32,769,000 after buying an additional 351,388 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in South State Corporation by 195.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 274,049 shares of the bank’s stock valued at $23,952,000 after buying an additional 181,439 shares during the period. Hedge funds and other institutional investors own 63.05% of the company’s stock.
South State Corporation (SSB) opened at 82.90 on Thursday. The stock’s 50 day moving average is $84.58 and its 200 day moving average is $86.89. South State Corporation has a one year low of $69.40 and a one year high of $93.40. The firm has a market capitalization of $2.41 billion, a P/E ratio of 21.66 and a beta of 1.09.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Friday, August 11th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Wednesday, August 9th. South State Corporation’s dividend payout ratio (DPR) is currently 34.11%.
About South State Corporation
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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