$150.10 Million in Sales Expected for South State Co. (SSB) This Quarter

Wall Street brokerages expect that South State Co. (NASDAQ:SSB) will post sales of $150.10 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for South State’s earnings, with the highest sales estimate coming in at $150.20 million and the lowest estimate coming in at $150.00 million. South State reported sales of $113.43 million during the same quarter last year, which indicates a positive year over year growth rate of 32.3%. The business is expected to issue its next quarterly earnings results before the market opens on Tuesday, January 23rd.

According to Zacks, analysts expect that South State will report full year sales of $150.10 million for the current year, with estimates ranging from $556.70 million to $557.00 million. For the next fiscal year, analysts anticipate that the business 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 a mean average based on a survey of sell-side research firms that cover South State.

South State (NASDAQ:SSB) last issued its earnings results on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.02. The company had revenue of $136.36 million during the quarter, compared to the consensus estimate of $139.85 million. South State had a return on equity of 8.85% and a net margin of 20.48%. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period last year, the business posted $1.18 EPS.

A number of equities analysts have issued reports on SSB shares. BidaskClub downgraded South State from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 10th. Piper Jaffray Companies reiterated a “neutral” rating and set a $90.00 price target on shares of South State in a research note on Thursday, October 5th. Brean Capital reiterated a “hold” rating on shares of South State in a research note on Monday, October 23rd. Zacks Investment Research upgraded South State from a “hold” rating to a “strong-buy” rating and set a $102.00 price target for the company in a research note on Thursday, January 11th. Finally, SunTrust Banks lifted their price target on South State from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $98.50.

Shares of South State (NASDAQ SSB) traded up $0.40 on Monday, hitting $90.15. The stock had a trading volume of 144,400 shares, compared to its average volume of 143,631. 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 cap of $3,312.08, a P/E ratio of 23.12, a PEG ratio of 2.08 and a beta of 1.09. South State has a 12 month low of $78.60 and a 12 month high of $94.50.

In other news, President John F. Windley sold 7,258 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $90.93, for a total value of $659,969.94. Following the transaction, the president now owns 37,764 shares in the company, valued at approximately $3,433,880.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James C. Cherry sold 16,255 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The stock was 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 owns 23,007 shares in the company, valued at approximately $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 in the last quarter. Company insiders own 2.78% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its holdings in shares of South State by 47.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after purchasing an additional 497 shares during the period. SG Americas Securities LLC raised its holdings in shares of South State by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after purchasing an additional 20 shares during the period. D.A. Davidson & CO. raised its holdings in shares of South State by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after purchasing an additional 614 shares during the period. Bank of Montreal Can raised its holdings in shares of South State by 38.7% in the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after purchasing an additional 600 shares during the period. Finally, Stevens Capital Management LP bought a new stake in shares of South State in the 2nd quarter worth approximately $206,000. Hedge funds and other institutional investors own 55.83% of the company’s stock.

TRADEMARK VIOLATION WARNING: This piece of content was first published by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another site, it was stolen and reposted in violation of US & international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2018/01/22/150-10-million-in-sales-expected-for-south-state-co-ssb-this-quarter.html.

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.

Get a free copy of the Zacks research report on South State (SSB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for South State Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for South State and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply