$152.75 Million in Sales Expected for South State Co. (SSB) This Quarter

Brokerages forecast that South State Co. (NASDAQ:SSB) will post $152.75 million in sales for the current fiscal quarter, Zacks Investment Research 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 posted sales of $113.43 million in the same quarter last year, which suggests a positive year over year growth rate of 34.7%. The business is scheduled to issue its next 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 year, with estimates ranging from $557.00 million to $562.10 million. For the next year, analysts forecast that the business will report sales of $715.45 million per share, with estimates ranging from $708.60 million to $722.30 million. Zacks’ sales calculations are an average based on a survey of analysts that cover South State.

South State (NASDAQ:SSB) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. South State had a return on equity of 8.85% and a net margin of 20.48%. The firm had revenue of $136.36 million for the quarter, compared to analyst estimates of $139.85 million. During the same quarter last year, the company posted $1.18 earnings per share. The business’s revenue was up 17.0% on a year-over-year basis.

A number of equities research analysts have recently issued reports on SSB shares. Brean Capital reiterated a “hold” rating on shares of South State in a research report on Wednesday, December 6th. BidaskClub downgraded shares of South State from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. SunTrust Banks reiterated a “buy” rating and set a $107.00 price target on shares of South State in a research report on Wednesday, November 29th. Piper Jaffray Companies reiterated a “neutral” rating and set a $90.00 price target on shares of South State in a research report on Thursday, October 5th. Finally, Zacks Investment Research downgraded shares of South State from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $97.33.

In related news, insider Joe E. Burns sold 6,548 shares of the company’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $92.39, for a total transaction of $604,969.72. Following the completion of the sale, the insider now directly owns 37,595 shares of the company’s stock, valued at approximately $3,473,402.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James C. Cherry sold 16,255 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $89.01, for a total transaction of $1,446,857.55. Following the sale, the director now directly owns 23,007 shares of the company’s stock, valued at $2,047,853.07. The disclosure for this sale can be found here. Insiders have sold a total of 72,620 shares of company stock valued at $6,611,006 over the last three months. Corporate insiders own 2.78% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new stake in shares of South State in the 3rd quarter valued at about $444,000. California Public Employees Retirement System raised its stake in shares of South State by 3.7% in the 3rd quarter. California Public Employees Retirement System now owns 36,174 shares of the bank’s stock valued at $3,257,000 after purchasing an additional 1,274 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of South State in the 3rd quarter valued at about $301,000. Atlanta Capital Management Co. L L C acquired a new stake in shares of South State in the 3rd quarter valued at about $8,013,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of South State by 6.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,016,792 shares of the bank’s stock valued at $91,561,000 after purchasing an additional 58,525 shares in the last quarter. Hedge funds and other institutional investors own 55.72% of the company’s stock.

Shares of South State (NASDAQ SSB) traded up $0.30 during trading hours on Friday, reaching $88.70. 141,900 shares of the company were exchanged, compared to its average volume of 161,967. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $3,247.79, a P/E ratio of 22.74, a P/E/G ratio of 2.20 and a beta of 1.09. South State has a 1 year low of $78.60 and a 1 year high of $94.50.

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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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