Brokerages Anticipate South State Corporation (SSB) Will Post Quarterly Sales of $152.75 Million

Equities analysts expect South State Corporation (NASDAQ:SSB) to announce $152.75 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for South State’s earnings, with the highest sales estimate coming in at $155.30 million and the lowest estimate coming in at $150.20 million. South State posted sales of $113.43 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 34.7%. The firm is expected to issue its next quarterly earnings report on Friday, January 26th.

On average, analysts expect that South State will report full-year sales of $152.75 million for the current fiscal year, with estimates ranging from $557.00 million to $562.10 million. For the next year, analysts anticipate that the firm will report sales of $715.45 million per share, with estimates ranging from $708.60 million to $722.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover South State.

South State (NASDAQ:SSB) last posted its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, beating 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 company had revenue of $136.36 million during the quarter, compared to analyst estimates of $139.85 million. During the same period in the prior year, the business posted $1.18 EPS. The firm’s revenue was up 17.0% compared to the same quarter last year.

A number of equities research analysts recently commented on the stock. Zacks Investment Research lowered shares of South State from a “hold” rating to a “sell” rating in a report on Friday, October 27th. SunTrust Banks reiterated a “buy” rating and set a $98.00 price target on shares of South State in a report on Thursday, October 12th. Piper Jaffray Companies reiterated a “neutral” rating and set a $90.00 price target on shares of South State in a report on Thursday, October 5th. BidaskClub upgraded shares of South State from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 5th. Finally, Brean Capital reiterated a “hold” rating on shares of South State in a report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $97.33.

Shares of South State (NASDAQ:SSB) opened at $90.30 on Tuesday. South State has a 1-year low of $78.60 and a 1-year high of $94.50. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.05. The company has a market cap of $3,280.85, a price-to-earnings ratio of 19.00, a P/E/G ratio of 2.36 and a beta of 1.09.

In other South State news, Director James C. Cherry sold 16,255 shares of the company’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total value of $1,446,857.55. Following the completion of the transaction, the director now directly owns 23,007 shares in the company, valued at approximately $2,047,853.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert R. Hill, Jr. sold 13,024 shares of the company’s stock in a transaction on Friday, October 27th. The stock was 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 owns 133,121 shares of the company’s stock, valued at $12,227,163.85. The disclosure for this sale can be found here. Insiders sold a total of 72,620 shares of company stock valued at $6,611,006 over the last 90 days. Company insiders own 2.78% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its holdings in South State by 1.5% in the 2nd quarter. Wells Fargo & Company MN now owns 84,032 shares of the bank’s stock worth $7,201,000 after purchasing an additional 1,209 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of South State by 16.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,249 shares of the bank’s stock worth $1,906,000 after buying an additional 3,164 shares during the period. BlackRock Inc. grew its position in shares of South State by 4.9% in the 2nd quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock worth $170,684,000 after buying an additional 92,562 shares during the period. BRYN MAWR TRUST Co grew its position in shares of South State by 14.7% in the 2nd quarter. BRYN MAWR TRUST Co now owns 41,458 shares of the bank’s stock worth $3,553,000 after buying an additional 5,321 shares during the period. Finally, Voya Investment Management LLC grew its position in shares of South State by 12.0% in the 2nd quarter. Voya Investment Management LLC now owns 12,810 shares of the bank’s stock worth $1,098,000 after buying an additional 1,372 shares during the period. Institutional investors and hedge funds own 55.72% of the company’s stock.

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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.

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