$139.85 Million in Sales Expected for South State Corporation (SSB) This Quarter
Analysts expect South State Corporation (NASDAQ:SSB) to post sales of $139.85 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for South State Corporation’s earnings. The lowest sales estimate is $139.10 million and the highest is $140.60 million. South State Corporation posted sales of $116.59 million in the same quarter last year, which suggests a positive year-over-year growth rate of 20%. The firm is expected to issue its next quarterly earnings results before the market opens on Tuesday, October 24th.
According to Zacks, analysts expect that South State Corporation will report full year sales of $139.85 million for the current year. For the next financial year, analysts expect that the company will post sales of $727.45 million per share, with estimates ranging from $714.20 million to $740.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow South State Corporation.
South State Corporation (NASDAQ:SSB) last announced its earnings results on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, meeting the consensus estimate of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The firm had revenue of $136.61 million during the quarter, compared to the consensus estimate of $137.00 million.
Several equities research analysts have recently commented on SSB shares. BidaskClub raised South State Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, September 27th. Zacks Investment Research raised South State Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Brean Capital reaffirmed a “hold” rating on shares of South State Corporation in a report on Wednesday, August 2nd. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $90.00 target price on shares of South State Corporation in a report on Thursday. Finally, Keefe, Bruyette & Woods raised South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 target price for the company in a report on Tuesday, July 25th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $92.50.
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In related news, CEO Robert R. Hill, Jr. sold 2,831 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $82.10, for a total value of $232,425.10. Following the completion of the sale, the chief executive officer now directly owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Joe E. Burns sold 500 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total value of $41,695.00. Following the completion of the sale, the insider now directly owns 39,947 shares of the company’s stock, valued at $3,331,180.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,581 shares of company stock valued at $294,408. 2.78% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in SSB. BlackRock Inc. lifted its stake in South State Corporation by 15,348.4% in the 1st quarter. BlackRock Inc. now owns 1,899,075 shares of the bank’s stock worth $169,681,000 after acquiring an additional 1,886,782 shares in the last quarter. Vanguard Group Inc. lifted its stake in South State Corporation by 21.8% in the 1st quarter. Vanguard Group Inc. now owns 2,189,012 shares of the bank’s stock worth $195,589,000 after acquiring an additional 391,665 shares in the last quarter. Wellington Management Group LLP lifted its stake in South State Corporation by 44.9% in the 1st quarter. Wellington Management Group LLP now owns 1,138,922 shares of the bank’s stock worth $101,762,000 after acquiring an additional 353,057 shares in the last quarter. Westwood Holdings Group Inc. lifted its stake in South State Corporation by 2,286.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 366,755 shares of the bank’s stock worth $32,769,000 after acquiring an additional 351,388 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in South State Corporation by 22.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock worth $82,766,000 after acquiring an additional 179,644 shares in the last quarter. 66.71% of the stock is owned by hedge funds and other institutional investors.
Shares of South State Corporation (SSB) traded up 0.98% on Thursday, reaching $92.45. 43,815 shares of the company traded hands. South State Corporation has a 52-week low of $70.75 and a 52-week high of $93.40. The firm has a 50-day moving average of $83.61 and a 200-day moving average of $85.25. The company has a market capitalization of $2.69 billion, a PE ratio of 24.15 and a beta of 1.10.
South State Corporation 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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