Wall Street brokerages forecast that South State Co. (NASDAQ:SSB) will report $1.41 earnings per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for South State’s earnings. The highest EPS estimate is $1.63 and the lowest is $1.29. South State reported earnings of $0.82 per share during the same quarter last year, which would indicate a positive year over year growth rate of 72%. The business is expected to announce its next quarterly earnings report on Thursday, April 22nd.
On average, analysts expect that South State will report full-year earnings of $5.76 per share for the current year, with EPS estimates ranging from $5.10 to $6.25. For the next financial year, analysts expect that the company will report earnings of $5.78 per share, with EPS estimates ranging from $5.50 to $6.30. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for South State.
South State (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, January 27th. The bank reported $1.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.48 by ($0.04). South State had a return on equity of 6.67% and a net margin of 8.18%. During the same period in the prior year, the company earned $1.48 EPS.
A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods downgraded South State from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $68.00 to $72.00 in a report on Wednesday, November 18th. TheStreet raised South State from a “c” rating to a “b-” rating in a research report on Friday, October 30th. Zacks Investment Research cut South State from a “buy” rating to a “hold” rating in a research report on Tuesday, January 5th. DA Davidson cut South State from a “buy” rating to a “neutral” rating and increased their price target for the company from $73.00 to $76.00 in a research report on Monday, November 16th. Finally, Raymond James cut South State from an “outperform” rating to a “market perform” rating in a research report on Friday, January 29th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. South State has a consensus rating of “Hold” and an average price target of $69.00.
Shares of NASDAQ:SSB traded down $0.60 during mid-day trading on Tuesday, reaching $82.71. 9,623 shares of the stock were exchanged, compared to its average volume of 304,863. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.23. The company has a market cap of $5.87 billion, a P/E ratio of 54.10 and a beta of 1.08. South State has a one year low of $40.42 and a one year high of $84.15. The stock’s 50 day simple moving average is $77.90 and its 200-day simple moving average is $65.75.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 19th. Stockholders of record on Friday, February 12th were given a $0.47 dividend. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.27%. South State’s payout ratio is 33.39%.
In other news, Chairman Robert R. Hill, Jr. sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 2nd. The stock was sold at an average price of $69.75, for a total value of $488,250.00. Following the completion of the sale, the chairman now directly owns 173,059 shares of the company’s stock, valued at $12,070,865.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John C. Pollok sold 14,553 shares of South State stock in a transaction that occurred on Wednesday, December 2nd. The stock was sold at an average price of $70.13, for a total value of $1,020,601.89. Following the sale, the executive vice president now directly owns 92,992 shares of the company’s stock, valued at $6,521,528.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,172 shares of company stock valued at $4,109,094. Insiders own 1.43% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. lifted its holdings in South State by 38.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 877 shares of the bank’s stock worth $42,000 after purchasing an additional 243 shares during the last quarter. Harbor Investment Advisory LLC lifted its holdings in South State by 144.0% during the 3rd quarter. Harbor Investment Advisory LLC now owns 632 shares of the bank’s stock worth $30,000 after purchasing an additional 373 shares during the last quarter. ETF Managers Group LLC lifted its holdings in South State by 9.7% during the 4th quarter. ETF Managers Group LLC now owns 4,762 shares of the bank’s stock worth $344,000 after purchasing an additional 420 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in South State by 8.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 6,825 shares of the bank’s stock worth $329,000 after purchasing an additional 503 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in South State by 6.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,545 shares of the bank’s stock worth $618,000 after purchasing an additional 545 shares during the last quarter. 76.01% of the stock is owned by institutional investors and hedge funds.
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, and trust and wealth management services. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, checking accounts, money market accounts, certificates of deposit, and other time deposits.
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