Stock analysts expect SouthState Co. (NASDAQ:SSB – Get a rating) will post sales of $386.50 million for the current quarter, according to Zacks. Three analysts provided SouthState earnings estimates, with the lowest sales estimate at $381.50 million and the highest estimate at $391.30 million. SouthState reported sales of $332.15 million in the same quarter last year, suggesting a positive year-over-year growth rate of 16.4%. The company is expected to release its next quarterly earnings report on Monday, January 1.
According to Zacks, analysts expect SouthState to report annual sales of $1.55 billion in the current fiscal year, with estimates ranging from $1.53 billion to $1.58 billion. For next year, analysts expect the company to register sales of $1.73 billion, with estimates ranging from $1.67 billion to $1.79 billion. Zacks Investment Research’s sell calculations are an average average based on a survey of sell-side analysts who track SouthState.
Southern State (NASDAQ: SSB – Get a rating) last announced its quarterly results on Thursday, April 28. The bank reported EPS of $1.69 for the quarter, beating consensus analyst estimates of $1.31 by $0.38. The company posted revenue of $347.56 million in the quarter, compared to $349.97 million expected by analysts. SouthState had a net margin of 30.19% and a return on equity of 10.54%. The Company’s revenue for the quarter decreased 3.0% compared to the same quarter last year. In the same quarter last year, the company posted earnings per share of $2.17.
A number of research companies have recently published reports on SSB. Stephens raised his price target on SouthState shares from $76.00 to $84.50 and gave the stock an “equal weight” rating in a Wednesday, Jan. 26, research note. Zacks Investment Research upgraded SouthState shares from a “hold” rating to a “buy” rating and set a target price of $93.00 for the company in a Wednesday, March 30 research note. StockNews.com upgraded SouthState shares from a “sell” to a “hold” rating in a Monday, May 2, research note. Finally, Raymond James raised his price target on SouthState shares from $92.00 to $93.00 and gave the stock an “outperform” rating in a Wednesday, April 6 research note. Two analysts gave the stock a hold rating and four gave the company a buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $84.54.
Shares of SSB opened at $79.52 on Monday. The company has a market capitalization of $5.47 billion, a PE ratio of 13.17 and a beta of 0.81. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt ratio of 0.08. The company has a fifty-day moving average price of $81.55. SouthState has a one-year low of $62.60 and a one-year high of $93.34.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 20. Shareholders of record on Friday, May 13 will receive a dividend of $0.49. The ex-dividend date is Thursday, May 12. This represents a dividend of $1.96 on an annualized basis and a dividend yield of 2.46%. SouthState’s dividend payout ratio (DPR) is currently 32.45%.
In other SouthState news, insider Greg A. Lapointe sold 300 shares of the company in a trade on Monday, March 21. The shares were sold at an average price of $85.60, for a total transaction of $25,680.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. Additionally, insider Douglas Lloyd Williams sold 4,950 shares of the company in a trade on Tuesday, March 29. The shares were sold at an average price of $85.02, for a total transaction of $420,849.00. Disclosure of this sale can be found here. Insiders sold a total of 9,285 shares of the company valued at $796,555 during the last quarter. 1.88% of the shares are currently held by insiders of the company.
Hedge funds and other institutional investors have recently been buying and selling shares of the company. Invesco Ltd. increased its stake in SouthState shares by 2.4% in Q3. Invesco Ltd. now owns 285,852 shares of the bank worth $21,344,000 after acquiring an additional 6,620 shares last quarter. California Public Employees Retirement System increased its holdings of SouthState stock 1.0% in Q3. California Public Employees Retirement System now owns 157,007 shares of the bank worth $11,724,000 after buying 1,544 additional shares in the last quarter. Credit Suisse AG increased its holdings of SouthState shares by 14.7% in the third quarter. Credit Suisse AG now owns 58,796 shares in the bank worth $4,390,000 after buying an additional 7,554 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings of SouthState stock by 11.1% in the third quarter. The Manufacturers Life Insurance Company now owns 381,894 shares of the bank worth $28,516,000 after purchasing an additional 38,070 shares in the last quarter. Finally, GW Henssler & Associates Ltd. bought a new position in SouthState stock in Q4 worth about $312,000. Hedge funds and other institutional investors own 86.23% of the company’s shares.
SouthState Company Profile (Get a rating)
SouthState Corporation operates as a bank holding company for SouthState Bank, a National Association which provides a range of personal and business banking services and products. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposit, money market accounts, and other term deposits.
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