Piper Sandler Weighs in on South State Corp’s FY2021 Earnings (NASDAQ:SSB)

South State Corp (NASDAQ:SSB) – Investment analysts at Piper Sandler issued their FY2021 EPS estimates for South State in a research report issued on Tuesday, January 14th. Piper Sandler analyst S. Scouten forecasts that the bank will post earnings of $5.75 per share for the year.

South State (NASDAQ:SSB) last posted its quarterly earnings data on Monday, October 28th. The bank reported $1.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.06. South State had a return on equity of 8.22% and a net margin of 25.53%. The business had revenue of $164.96 million for the quarter, compared to analysts’ expectations of $163.79 million. During the same quarter in the previous year, the firm earned $1.33 earnings per share. The business’s revenue was up 2.9% on a year-over-year basis.

A number of other research analysts have also recently commented on the company. SunTrust Banks upped their price target on South State from $90.00 to $97.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. BidaskClub lowered South State from a “buy” rating to a “hold” rating in a research note on Tuesday, December 24th. ValuEngine upgraded South State from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Finally, Stephens upgraded South State from an “underweight” rating to an “equal weight” rating in a research note on Monday, November 4th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. South State has a consensus rating of “Hold” and an average price target of $79.67.

SSB stock traded up $0.01 during midday trading on Friday, hitting $87.09. The company’s stock had a trading volume of 28,345 shares, compared to its average volume of 139,245. The stock’s 50-day moving average price is $85.66 and its 200 day moving average price is $78.92. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.35. South State has a 1 year low of $63.91 and a 1 year high of $88.10. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 15.83 and a beta of 1.36.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen Asset Management LLC purchased a new stake in South State during the 2nd quarter valued at about $11,164,000. Great Lakes Advisors LLC purchased a new stake in South State in the 3rd quarter worth approximately $4,257,000. Millennium Management LLC lifted its holdings in South State by 311.1% in the 3rd quarter. Millennium Management LLC now owns 38,348 shares of the bank’s stock worth $2,887,000 after buying an additional 29,020 shares during the period. California Public Employees Retirement System lifted its holdings in South State by 44.0% in the 3rd quarter. California Public Employees Retirement System now owns 91,921 shares of the bank’s stock worth $6,922,000 after buying an additional 28,092 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of South State by 1.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,635,825 shares of the bank’s stock valued at $120,511,000 after purchasing an additional 22,349 shares during the period. Institutional investors and hedge funds own 79.13% of the company’s stock.

In related news, insider Keith S. Rainwater sold 519 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $82.00, for a total transaction of $42,558.00. Following the sale, the insider now directly owns 6,211 shares in the company, valued at approximately $509,302. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.05% of the company’s stock.

South State Company Profile

South State Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, trust and wealth management services, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, and ATM processing services.

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