Brokerages Anticipate South State Corporation (SSB) Will Announce Quarterly Sales of $152.75 Million
Wall Street analysts predict that South State Corporation (NASDAQ:SSB) will post sales of $152.75 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for South State’s earnings, with the lowest sales estimate coming in at $150.20 million and the highest estimate coming in at $155.30 million. South State reported sales of $113.43 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 34.7%. The firm is scheduled to report its next earnings results on Friday, January 26th.
According to Zacks, analysts expect that South State will report full-year sales of $152.75 million for the current financial year, with estimates ranging from $557.00 million to $562.10 million. For the next year, analysts expect that the firm will post sales of $715.45 million per share, with estimates ranging from $708.60 million to $722.30 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover South State.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. South State had a net margin of 20.48% and a return on equity of 8.85%. The business had revenue of $136.36 million for the quarter, compared to analyst estimates of $139.85 million. During the same quarter in the previous year, the firm posted $1.18 earnings per share. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis.
In other news, CFO John C. Pollok sold 8,283 shares of South State stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $90.56, for a total transaction of $750,108.48. Following the completion of the sale, the chief financial officer now owns 83,714 shares in the company, valued at approximately $7,581,139.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert R. Hill, Jr. sold 13,024 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $91.85, for a total transaction of $1,196,254.40. Following the completion of the transaction, the chief executive officer now directly owns 133,121 shares in the company, valued at $12,227,163.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,107 shares of company stock valued at $4,504,179. Corporate insiders own 2.78% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC grew its position in South State by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after acquiring an additional 20 shares during the period. Bank of Montreal Can boosted its stake in shares of South State by 2.2% during the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after acquiring an additional 34 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of South State by 3.9% during the 2nd quarter. Royal Bank of Canada now owns 3,945 shares of the bank’s stock worth $337,000 after buying an additional 147 shares during the last quarter. Roberts Glore & Co. Inc. IL increased its holdings in shares of South State by 6.6% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 2,440 shares of the bank’s stock worth $209,000 after buying an additional 150 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in South State by 15.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,537 shares of the bank’s stock worth $217,000 after purchasing an additional 335 shares during the period. Institutional investors and hedge funds own 69.92% of the company’s stock.
South State (NASDAQ:SSB) opened at $92.05 on Friday. South State has a 1-year low of $78.60 and a 1-year high of $94.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.93 and a quick ratio of 0.92. The company has a market cap of $2,649.67, a price-to-earnings ratio of 19.25, a price-to-earnings-growth ratio of 2.40 and a beta of 1.09.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 10th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.43%. The ex-dividend date was Thursday, November 9th. South State’s dividend payout ratio is 33.85%.
About South State
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for South State Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for South State Corporation and related companies with MarketBeat.com's FREE daily email newsletter.