$164.70 Million in Sales Expected for South State Corp (NASDAQ:SSB) This Quarter
Wall Street brokerages predict that South State Corp (NASDAQ:SSB) will post $164.70 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for South State’s earnings, with estimates ranging from $164.40 million to $165.00 million. South State reported sales of $160.32 million in the same quarter last year, which indicates a positive year over year growth rate of 2.7%. The firm is scheduled to announce its next quarterly earnings results on Monday, October 28th.
On average, analysts expect that South State will report full-year sales of $647.60 million for the current year, with estimates ranging from $647.20 million to $648.00 million. For the next year, analysts anticipate that the firm will report sales of $665.45 million, with estimates ranging from $663.90 million to $667.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that that provide coverage for South State.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Monday, July 29th. The bank reported $1.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.08. The business had revenue of $164.80 million for the quarter, compared to analysts’ expectations of $159.75 million. South State had a net margin of 25.33% and a return on equity of 8.11%. During the same quarter in the prior year, the company earned $1.43 earnings per share.
SSB traded down $0.03 during midday trading on Monday, reaching $75.97. The company’s stock had a trading volume of 1,125 shares, compared to its average volume of 166,557. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 13.84 and a beta of 1.32. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.34. South State has a 1 year low of $56.55 and a 1 year high of $85.50. The stock’s 50-day moving average is $75.70 and its 200-day moving average is $71.91.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a dividend of $0.43 per share. This is an increase from South State’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.72 dividend on an annualized basis and a yield of 2.26%. South State’s dividend payout ratio is 31.27%.
In other South State news, Director Robert H. Demere, Jr. purchased 3,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were acquired at an average cost of $68.40 per share, for a total transaction of $205,200.00. Following the completion of the transaction, the director now owns 49,081 shares of the company’s stock, valued at $3,357,140.40. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John C. Pollok sold 7,434 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $75.00, for a total transaction of $557,550.00. Following the completion of the transaction, the chief financial officer now owns 99,346 shares in the company, valued at $7,450,950. The disclosure for this sale can be found here. 2.05% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Royal Bank of Canada lifted its stake in shares of South State by 50.8% in the 2nd quarter. Royal Bank of Canada now owns 5,466 shares of the bank’s stock valued at $402,000 after purchasing an additional 1,841 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of South State by 35.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock worth $57,000 after purchasing an additional 201 shares during the period. BRYN MAWR TRUST Co grew its holdings in shares of South State by 0.9% during the 2nd quarter. BRYN MAWR TRUST Co now owns 97,786 shares of the bank’s stock worth $7,204,000 after purchasing an additional 865 shares during the period. Nuveen Asset Management LLC purchased a new stake in shares of South State during the 2nd quarter worth about $11,164,000. Finally, Price T Rowe Associates Inc. MD lifted its position in South State by 1.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,635,825 shares of the bank’s stock worth $120,511,000 after acquiring an additional 22,349 shares in the last quarter. Institutional investors and hedge funds own 83.31% of the company’s stock.
About South State
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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