Zacks: Brokerages Anticipate South State Corp (NASDAQ:SSB) to Post $1.43 Earnings Per Share

Brokerages expect South State Corp (NASDAQ:SSB) to announce $1.43 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for South State’s earnings. The lowest EPS estimate is $1.42 and the highest is $1.44. South State reported earnings per share of $1.35 in the same quarter last year, which suggests a positive year over year growth rate of 5.9%. The company is expected to report its next quarterly earnings report after the market closes on Monday, January 27th.

According to Zacks, analysts expect that South State will report full year earnings of $5.58 per share for the current fiscal year, with EPS estimates ranging from $5.57 to $5.59. For the next year, analysts forecast that the company will report earnings of $5.59 per share, with EPS estimates ranging from $5.51 to $5.65. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that cover South State.

South State (NASDAQ:SSB) last posted its earnings results on Monday, October 28th. The bank reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.06. South State had a net margin of 25.53% and a return on equity of 8.22%. The business had revenue of $164.96 million for the quarter, compared to analyst estimates of $163.79 million. During the same period in the prior year, the company posted $1.33 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis.

Several analysts have commented on the company. BidaskClub lowered South State from a “hold” rating to a “sell” rating in a report on Thursday. Stephens upgraded South State from an “underweight” rating to an “equal weight” rating in a research report on Monday, November 4th. ValuEngine raised South State from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Finally, SunTrust Banks increased their target price on South State from $90.00 to $97.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. One analyst has 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 has a consensus rating of “Hold” and an average target price of $79.67.

In other South State news, insider Keith S. Rainwater sold 519 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $82.00, for a total transaction of $42,558.00. Following the completion of the sale, the insider now directly owns 6,211 shares in the company, valued at approximately $509,302. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.05% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Evoke Wealth LLC acquired a new stake in South State in the 3rd quarter valued at about $26,000. Ladenburg Thalmann Financial Services Inc. lifted its stake in South State by 35.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock worth $57,000 after purchasing an additional 201 shares in the last quarter. CWM LLC boosted its holdings in shares of South State by 5,404.8% during the 3rd quarter. CWM LLC now owns 1,156 shares of the bank’s stock worth $87,000 after purchasing an additional 1,135 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of South State during the 3rd quarter worth approximately $165,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of South State by 10.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,377 shares of the bank’s stock valued at $206,000 after purchasing an additional 216 shares in the last quarter. 79.10% of the stock is owned by hedge funds and other institutional investors.

Shares of South State stock opened at $85.52 on Thursday. The firm has a market cap of $2.91 billion, a PE ratio of 16.23 and a beta of 1.36. South State has a twelve month low of $63.91 and a twelve month high of $88.10. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $86.14 and a 200 day moving average price of $79.40.

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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