Analysts expect that South State Corp (NASDAQ:SSB) will post earnings per share (EPS) of $1.34 for the current quarter, according to Zacks. Two analysts have provided estimates for South State’s earnings, with the highest EPS estimate coming in at $1.34 and the lowest estimate coming in at $1.33. South State reported earnings of $1.30 per share during the same quarter last year, which suggests a positive year over year growth rate of 3.1%. The business is expected to report its next quarterly earnings report on Tuesday, January 22nd.
According to Zacks, analysts expect that South State will report full-year earnings of $5.49 per share for the current financial year, with EPS estimates ranging from $5.48 to $5.50. For the next financial year, analysts expect that the company will post earnings of $5.40 per share, with EPS estimates ranging from $5.15 to $5.54. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that that provide coverage for South State.
South State (NASDAQ:SSB) last released its quarterly earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.44 by ($0.11). South State had a return on equity of 8.32% and a net margin of 19.08%. The firm had revenue of $160.32 million during the quarter, compared to analysts’ expectations of $167.07 million. During the same period in the prior year, the firm posted $1.22 earnings per share.
Several research firms have issued reports on SSB. Brean Capital reaffirmed a “hold” rating on shares of South State in a report on Monday, August 27th. ValuEngine lowered shares of South State from a “hold” rating to a “sell” rating in a report on Tuesday, July 31st. Sandler O’Neill reaffirmed a “hold” rating and issued a $81.00 price target on shares of South State in a report on Thursday, August 2nd. Zacks Investment Research downgraded shares of South State from a “hold” rating to a “strong sell” rating in a research report on Saturday, November 17th. Finally, BidaskClub upgraded shares of South State from a “strong sell” rating to a “sell” rating in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $88.40.
NASDAQ SSB traded up $0.13 on Thursday, hitting $68.77. The stock had a trading volume of 370,664 shares, compared to its average volume of 239,731. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.05. South State has a 52-week low of $61.26 and a 52-week high of $94.50. The firm has a market capitalization of $2.51 billion, a P/E ratio of 14.18 and a beta of 1.07.
The company also recently declared a quarterly dividend, which was paid on Friday, November 16th. Stockholders of record on Friday, November 9th were paid a $0.36 dividend. This is a boost from South State’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.44 annualized dividend and a dividend yield of 2.09%. South State’s dividend payout ratio is 29.69%.
In other news, insider Joe E. Burns sold 4,261 shares of the stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $69.24, for a total value of $295,031.64. Following the completion of the sale, the insider now owns 37,590 shares of the company’s stock, valued at approximately $2,602,731.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert H. Demere, Jr. purchased 2,000 shares of the company’s stock in a transaction dated Friday, October 26th. The stock was purchased at an average cost of $63.12 per share, with a total value of $126,240.00. Following the purchase, the director now owns 44,360 shares in the company, valued at $2,800,003.20. The disclosure for this purchase can be found here. Corporate insiders own 1.96% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Teachers Advisors LLC boosted its position in shares of South State by 2.1% during the 3rd quarter. Teachers Advisors LLC now owns 72,641 shares of the bank’s stock worth $5,957,000 after purchasing an additional 1,495 shares during the period. Glenmede Trust Co. NA lifted its holdings in South State by 59.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 3,508 shares of the bank’s stock worth $287,000 after buying an additional 1,313 shares in the last quarter. BRYN MAWR TRUST Co lifted its holdings in South State by 2.8% during the 3rd quarter. BRYN MAWR TRUST Co now owns 97,370 shares of the bank’s stock worth $7,984,000 after buying an additional 2,618 shares in the last quarter. MetLife Investment Advisors LLC lifted its holdings in South State by 53.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 25,726 shares of the bank’s stock worth $2,110,000 after buying an additional 9,012 shares in the last quarter. Finally, Putnam Investments LLC acquired a new stake in South State during the 3rd quarter worth approximately $3,228,000. 76.39% 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, trust and wealth management, 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, ATM processing, and wealth management and trust services.
Read More: Hedge Funds Explained
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for South State Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for South State and related companies with MarketBeat.com's FREE daily email newsletter.