Brokerages Expect South State Co. (SSB) Will Announce Quarterly Sales of $174.00 Million

Equities analysts expect that South State Co. (NASDAQ:SSB) will report sales of $174.00 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for South State’s earnings, with the highest sales estimate coming in at $176.60 million and the lowest estimate coming in at $171.40 million. South State posted sales of $133.80 million during the same quarter last year, which suggests a positive year over year growth rate of 30%. The business is scheduled to announce its next quarterly earnings report on Friday, April 20th.

On average, analysts expect that South State will report full year sales of $174.00 million for the current fiscal year, with estimates ranging from $713.40 million to $715.00 million. For the next financial year, analysts expect that the firm will post sales of $738.30 million per share, with estimates ranging from $733.20 million to $743.40 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that follow South State.

South State (NASDAQ:SSB) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.11. South State had a return on equity of 9.04% and a net margin of 15.22%. The firm had revenue of $151.37 million for the quarter, compared to analysts’ expectations of $147.91 million. During the same period in the prior year, the business posted $1.15 earnings per share. The business’s revenue was up 33.4% compared to the same quarter last year.

Several analysts have recently commented on the company. Brean Capital restated a “hold” rating on shares of South State in a report on Tuesday, January 23rd. BidaskClub upgraded South State from a “strong sell” rating to a “sell” rating in a report on Monday. SunTrust Banks restated a “buy” rating and set a $108.00 target price on shares of South State in a report on Wednesday, January 24th. Finally, Zacks Investment Research upgraded South State from a “hold” rating to a “strong-buy” rating and set a $102.00 target price on the stock in a report on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. South State presently has a consensus rating of “Hold” and an average price target of $98.75.

In other news, 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 transaction, the director now owns 23,007 shares of the company’s stock, valued at $2,047,853.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President John F. Windley sold 7,258 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $90.93, for a total value of $659,969.94. Following the transaction, the president now directly owns 37,764 shares in the company, valued at approximately $3,433,880.52. The disclosure for this sale can be found here. Insiders have sold 44,213 shares of company stock worth $3,945,299 in the last 90 days. Company insiders own 2.78% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its stake in shares of South State by 16.6% during the second quarter. The Manufacturers Life Insurance Company now owns 22,249 shares of the bank’s stock valued at $1,906,000 after acquiring an additional 3,164 shares during the period. BlackRock Inc. lifted its stake in shares of South State by 4.9% during the second quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock valued at $170,684,000 after acquiring an additional 92,562 shares during the period. Voya Investment Management LLC lifted its stake in shares of South State by 12.0% during the second quarter. Voya Investment Management LLC now owns 12,810 shares of the bank’s stock valued at $1,098,000 after acquiring an additional 1,372 shares during the period. Channing Capital Management LLC lifted its stake in shares of South State by 3.7% during the third quarter. Channing Capital Management LLC now owns 627,519 shares of the bank’s stock valued at $56,508,000 after acquiring an additional 22,313 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in South State in the second quarter valued at about $336,000. 56.16% of the stock is currently owned by institutional investors and hedge funds.

Shares of South State (SSB) opened at $87.00 on Wednesday. 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 company has a market capitalization of $3,313.88, a price-to-earnings ratio of 29.19, a PEG ratio of 1.95 and a beta of 1.05. South State has a 1-year low of $78.60 and a 1-year high of $94.50.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Friday, February 9th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, February 8th. South State’s payout ratio is presently 44.30%.

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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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Earnings History and Estimates for South State (NASDAQ:SSB)

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