SouthState Co. (NASDAQ:SSB) Expected to Announce Quarterly Sales of $386.50 Million

Equities analysts forecast that SouthState Co. (NASDAQ:SSB – Get Rating) will post sales of $386.50 million for the current quarter, according to Zacks. Three analysts have provided estimates for SouthState’s earnings, with the lowest sales estimate coming in at $381.50 million and the highest estimate coming in at $391.30 million. SouthState reported sales of $332.15 million in the same quarter last year, which would suggest a positive year over year growth rate of 16.4%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that SouthState will report full year sales of $1.55 billion for the current fiscal year, with estimates ranging from $1.53 billion to $1.58 billion. For the next year, analysts forecast that the firm will report sales of $1.73 billion, with estimates ranging from $1.67 billion to $1.79 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow SouthState.

SouthState (NASDAQ:SSB – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The bank reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.38. The firm had revenue of $347.56 million during the quarter, compared to analysts’ expectations of $349.97 million. SouthState had a net margin of 30.19% and a return on equity of 10.54%. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.17 earnings per share.

A number of research firms have recently issued reports on SSB. Stephens raised their target price on shares of SouthState from $76.00 to $84.50 and gave the stock an “equal weight” rating in a research note on Wednesday, January 26th. Zacks Investment Research upgraded shares of SouthState from a “hold” rating to a “buy” rating and set a $93.00 target price for the company in a research note on Wednesday, March 30th. StockNews.com upgraded shares of SouthState from a “sell” rating to a “hold” rating in a research note on Monday, May 2nd. Finally, Raymond James raised their target price on shares of SouthState from $92.00 to $93.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 6th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. 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 stock opened at $79.52 on Monday. The firm 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-to-equity 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 20th. Stockholders of record on Friday, May 13th will be given a $0.49 dividend. The ex-dividend date is Thursday, May 12th. This represents a $1.96 dividend 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 business’s stock in a transaction on Monday, March 21st. 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, which is accessible through the SEC website. Also, insider Douglas Lloyd Williams sold 4,950 shares of the business’s stock in a transaction on Tuesday, March 29th. The shares were sold at an average price of $85.02, for a total transaction of $420,849.00. The disclosure for this sale can be found here. Insiders sold a total of 9,285 shares of company stock valued at $796,555 in the last quarter. 1.88% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. grew its stake in shares of SouthState by 2.4% in the 3rd quarter. Invesco Ltd. now owns 285,852 shares of the bank’s stock worth $21,344,000 after acquiring an additional 6,620 shares in the last quarter. California Public Employees Retirement System boosted its holdings in shares of SouthState by 1.0% in the 3rd quarter. California Public Employees Retirement System now owns 157,007 shares of the bank’s stock worth $11,724,000 after buying an additional 1,544 shares during the last quarter. Credit Suisse AG boosted its holdings in shares of SouthState by 14.7% in the 3rd quarter. Credit Suisse AG now owns 58,796 shares of the bank’s stock worth $4,390,000 after buying an additional 7,554 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of SouthState by 11.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 381,894 shares of the bank’s stock worth $28,516,000 after buying an additional 38,070 shares during the last quarter. Finally, GW Henssler & Associates Ltd. purchased a new position in shares of SouthState in the 4th quarter worth about $312,000. Hedge funds and other institutional investors own 86.23% of the company’s stock.

SouthState Company Profile (Get Rating)

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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