Zacks: Brokerages Anticipate South State Co. (NASDAQ:SSB) Will Announce Earnings of $1.61 Per Share


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Brokerages expect that South State Co. (NASDAQ:SSB) will announce earnings per share (EPS) of $1.61 for the current quarter, according to Zacks. Four analysts have made estimates for South State’s earnings, with estimates ranging from $1.42 to $1.96. South State reported earnings of $0.89 per share in the same quarter last year, which indicates a positive year over year growth rate of 80.9%. The firm is scheduled to report its next quarterly earnings report on Thursday, July 29th.

According to Zacks, analysts expect that South State will report full year earnings of $6.45 per share for the current year, with EPS estimates ranging from $5.77 to $7.63. For the next fiscal year, analysts expect that the company will post earnings of $5.98 per share, with EPS estimates ranging from $5.61 to $6.40. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for South State.

South State (NASDAQ:SSB) last issued its earnings results on Wednesday, April 28th. The bank reported $2.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.75. The business had revenue of $358.28 million for the quarter, compared to analyst estimates of $360.90 million. South State had a net margin of 8.18% and a return on equity of 6.67%. South State’s revenue was up 108.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share.

Several brokerages recently issued reports on SSB. Truist increased their target price on shares of South State from $85.00 to $97.00 in a research note on Monday, March 8th. Raymond James cut shares of South State from an “outperform” rating to a “market perform” rating in a research report on Friday, January 29th. Finally, Zacks Investment Research raised South State from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $79.40.

NASDAQ SSB traded up $1.49 on Tuesday, hitting $86.32. 369,521 shares of the company were exchanged, compared to its average volume of 342,117. The company has a market cap of $6.13 billion, a PE ratio of 55.08 and a beta of 1.08. South State has a 12 month low of $40.42 and a 12 month high of $93.26. The stock has a fifty day moving average of $82.06 and a 200-day moving average of $75.71. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 21st. Stockholders of record on Friday, May 14th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Thursday, May 13th. South State’s dividend payout ratio is presently 33.39%.

In other news, Director Ernest S. Pinner sold 5,000 shares of the company’s stock in a transaction on Monday, March 8th. The shares were sold at an average price of $87.61, for a total value of $438,050.00. Also, EVP John C. Pollok sold 12,387 shares of the company’s stock in a transaction on Friday, March 12th. The stock was sold at an average price of $91.76, for a total transaction of $1,136,631.12. Over the last ninety days, insiders sold 52,102 shares of company stock valued at $4,531,377. 1.43% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund increased its holdings in shares of South State by 8.5% in the fourth quarter. New York State Common Retirement Fund now owns 402,071 shares of the bank’s stock worth $29,070,000 after purchasing an additional 31,364 shares during the period. Peregrine Capital Management LLC increased its holdings in shares of South State by 6.9% in the fourth quarter. Peregrine Capital Management LLC now owns 154,928 shares of the bank’s stock worth $11,201,000 after purchasing an additional 10,026 shares during the period. ProShare Advisors LLC increased its holdings in shares of South State by 80.6% in the fourth quarter. ProShare Advisors LLC now owns 15,500 shares of the bank’s stock worth $1,121,000 after purchasing an additional 6,917 shares during the period. Forest Hill Capital LLC bought a new position in shares of South State in the fourth quarter worth $2,978,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in South State in the fourth quarter valued at $2,024,000. 76.01% of the stock is currently owned by hedge funds and other institutional investors.

South State Company Profile

South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products. The company accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, and other time deposits. It also offers commercial real estate loans, residential real estate loans, commercial, and industrial loans, as well as consumer loans, including auto, boat, and personal installment loans.

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Earnings History and Estimates for South State (NASDAQ:SSB)

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