Zacks: Brokerages Anticipate South State Corp (NASDAQ:SSB) to Post $1.45 Earnings Per Share

Equities analysts expect South State Corp (NASDAQ:SSB) to report earnings of $1.45 per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for South State’s earnings, with the highest EPS estimate coming in at $1.45 and the lowest estimate coming in at $1.44. South State reported earnings of $1.33 per share during the same quarter last year, which would indicate a positive year over year growth rate of 9%. The business is scheduled to issue its next quarterly earnings results after the market closes on Monday, October 28th.

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 $5.41 to $5.53. For the next year, analysts anticipate that the company will report earnings of $5.59 per share, with EPS estimates ranging from $5.29 to $5.79. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that follow South State.

South State (NASDAQ:SSB) last posted its quarterly earnings results on Monday, July 29th. The bank reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.08. South State had a net margin of 25.33% and a return on equity of 8.11%. The business had revenue of $164.80 million during the quarter, compared to the consensus estimate of $159.75 million. During the same quarter last year, the firm posted $1.43 EPS.

Several equities analysts have weighed in on SSB shares. Stephens restated a “sell” rating and set a $63.00 price objective on shares of South State in a research note on Wednesday, August 7th. Zacks Investment Research cut South State from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. ValuEngine cut South State from a “hold” rating to a “sell” rating in a research note on Monday. BidaskClub cut South State from a “buy” rating to a “hold” rating in a research note on Monday, September 23rd. Finally, SunTrust Banks set a $88.00 price objective on South State and gave the company a “buy” rating in a research note on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $76.67.

In other news, Director Robert R. Horger sold 8,339 shares of South State stock in a transaction on Monday, September 9th. The stock was sold at an average price of $75.00, for a total transaction of $625,425.00. Following the sale, the director now directly owns 75,231 shares in the company, valued at approximately $5,642,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James W. Roquemore sold 4,791 shares of South State stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $76.15, for a total value of $364,834.65. Following the sale, the director now owns 37,515 shares in the company, valued at $2,856,767.25. The disclosure for this sale can be found here. Insiders have sold a total of 20,564 shares of company stock worth $1,547,810 over the last quarter. Company insiders own 2.05% of the company’s stock.

A number of institutional investors have recently made changes to their positions in SSB. Earnest Partners LLC raised its stake in South State by 25.2% in the 2nd quarter. Earnest Partners LLC now owns 1,017,729 shares of the bank’s stock valued at $74,976,000 after acquiring an additional 204,920 shares during the period. Wasatch Advisors Inc. raised its stake in South State by 77.6% in the 2nd quarter. Wasatch Advisors Inc. now owns 366,446 shares of the bank’s stock valued at $26,996,000 after acquiring an additional 160,073 shares during the period. Nuveen Asset Management LLC bought a new stake in South State in the 2nd quarter valued at about $11,164,000. Bank of New York Mellon Corp raised its stake in South State by 5.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 728,473 shares of the bank’s stock valued at $53,668,000 after acquiring an additional 35,277 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in South State by 1.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,635,825 shares of the bank’s stock valued at $120,511,000 after acquiring an additional 22,349 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

NASDAQ SSB traded down $0.64 during mid-day trading on Thursday, hitting $77.29. The company’s stock had a trading volume of 81,900 shares, compared to its average volume of 160,981. The company’s 50 day simple moving average is $75.67 and its 200 day simple moving average is $73.97. South State has a twelve month low of $56.55 and a twelve month high of $80.95. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 14.05 and a beta of 1.34.

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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