Zacks: Brokerages Anticipate South State Co. (SSB) Will Announce Earnings of $1.19 Per Share

Equities research analysts expect that South State Co. (NASDAQ:SSB) will announce earnings of $1.19 per share for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for South State’s earnings, with the highest EPS estimate coming in at $1.22 and the lowest estimate coming in at $1.18. South State posted earnings per share of $1.15 during the same quarter last year, which suggests a positive year-over-year growth rate of 3.5%. The business is expected to announce its next quarterly earnings results before the market opens on Tuesday, January 23rd.

According to Zacks, analysts expect that South State will report full-year earnings of $4.70 per share for the current year, with EPS estimates ranging from $4.68 to $4.72. For the next year, analysts forecast that the company will report earnings of $5.43 per share, with EPS estimates ranging from $4.90 to $6.00. Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that cover South State.

South State (NASDAQ:SSB) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.02. The business had revenue of $136.36 million during the quarter, compared to the consensus estimate of $139.85 million. South State had a return on equity of 8.85% and a net margin of 20.48%. South State’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share.

A number of analysts recently weighed in on SSB shares. BidaskClub downgraded South State from a “strong-buy” rating to a “buy” rating in a report on Friday, October 13th. SunTrust Banks restated a “buy” rating and issued a $98.00 price objective on shares of South State in a report on Thursday, October 12th. Brean Capital restated a “hold” rating on shares of South State in a report on Monday, October 30th. Finally, Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. South State has an average rating of “Hold” and a consensus price target of $98.50.

In related news, President John F. Windley sold 7,258 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $90.93, for a total value of $659,969.94. Following the transaction, the president now 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 available through this hyperlink. Also, Director Robert R. Horger sold 21,252 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $91.89, for a total transaction of $1,952,846.28. Following the completion of the transaction, the director now directly owns 75,084 shares in the company, valued at approximately $6,899,468.76. The disclosure for this sale can be found here. Insiders have sold a total of 72,620 shares of company stock worth $6,611,006 in the last three months. Insiders own 2.78% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. lifted its position in shares of South State by 47.7% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after buying an additional 497 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of South State by 1.3% during the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after buying an additional 20 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of South State by 48.5% during the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after buying an additional 614 shares in the last quarter. Bank of Montreal Can lifted its position in shares of South State by 38.7% during the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after buying an additional 600 shares in the last quarter. Finally, Stevens Capital Management LP bought a new position in shares of South State during the 2nd quarter worth approximately $206,000. 55.75% of the stock is currently owned by hedge funds and other institutional investors.

Shares of South State (NASDAQ:SSB) opened at $90.15 on Friday. The firm has a market capitalization of $3,300.00, a price-to-earnings ratio of 23.12, a P/E/G ratio of 2.10 and a beta of 1.09. South State has a 1-year low of $78.60 and a 1-year high of $94.50. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05.

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About South State

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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