South State Co. (SSB) Expected to Earn FY2018 Earnings of $5.55 Per Share
South State Co. (NASDAQ:SSB) – SunTrust Banks cut their FY2018 earnings per share (EPS) estimates for shares of South State in a report issued on Tuesday. SunTrust Banks analyst J. Demba now expects that the bank will post earnings of $5.55 per share for the year, down from their previous estimate of $5.60. SunTrust Banks has a “Buy” rating and a $108.00 price target on the stock.
Several other research firms have also recently weighed in on SSB. Zacks Investment Research cut South State from a “hold” rating to a “sell” rating in a report on Friday, October 27th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $90.00 price target on shares of South State in a report on Thursday, October 5th. BidaskClub raised South State from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 5th. Finally, Brean Capital reaffirmed a “hold” rating on shares of South State in a report on Monday, October 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. South State has a consensus rating of “Hold” and an average target price of $98.75.
South State (NASDAQ:SSB) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the firm posted $1.15 EPS. The company’s revenue was up 33.4% compared to the same quarter last year.
A number of institutional investors have recently made changes to their positions in SSB. Royal Bank of Canada boosted its position in shares of South State by 3.9% during the second quarter. Royal Bank of Canada now owns 3,945 shares of the bank’s stock valued at $337,000 after purchasing an additional 147 shares in the last quarter. Roberts Glore & Co. Inc. IL raised its stake in South State by 6.6% during the second quarter. Roberts Glore & Co. Inc. IL now owns 2,440 shares of the bank’s stock valued at $209,000 after buying an additional 150 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in South State by 15.2% during the second quarter. Ameritas Investment Partners Inc. now owns 2,537 shares of the bank’s stock valued at $217,000 after buying an additional 335 shares during the last quarter. Amalgamated Bank raised its stake in South State by 12.1% during the second quarter. Amalgamated Bank now owns 3,601 shares of the bank’s stock valued at $309,000 after buying an additional 388 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in South State by 38.7% during the fourth quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock valued at $187,000 after buying an additional 600 shares during the last quarter. 56.07% of the stock is currently owned by institutional investors and hedge funds.
In related news, President John F. Windley sold 7,258 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $90.93, for a total transaction of $659,969.94. Following the transaction, the president now directly owns 37,764 shares of the company’s stock, valued at approximately $3,433,880.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James C. Cherry sold 16,255 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total value of $1,446,857.55. Following the transaction, the director now directly owns 23,007 shares in the company, valued at $2,047,853.07. The disclosure for this sale can be found here. Company insiders own 2.78% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Friday, February 9th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.48%. South State’s dividend payout ratio is 44.30%.
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South State Company Profile
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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