$381.75 Million in Sales Expected for SouthState Co. (NASDAQ:SSB) This Quarter

Wall Street brokerages expect SouthState Co. (NASDAQ:SSBGet Rating) to report sales of $381.75 million for the current quarter, Zacks reports. Four analysts have made estimates for SouthState’s earnings, with the highest sales estimate coming in at $391.30 million and the lowest estimate coming in at $367.50 million. SouthState reported sales of $332.15 million in the same quarter last year, which indicates a positive year over year growth rate of 14.9%. The company is scheduled to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that SouthState will report full-year sales of $1.53 billion for the current fiscal year, with estimates ranging from $1.47 billion to $1.58 billion. For the next fiscal year, analysts expect that the company will report sales of $1.68 billion, with estimates ranging from $1.55 billion to $1.79 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow SouthState.

SouthState (NASDAQ:SSBGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The bank reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.38. SouthState had a net margin of 30.19% and a return on equity of 10.33%. The business had revenue of $347.56 million during the quarter, compared to analyst estimates of $349.97 million. During the same quarter in the previous year, the firm earned $2.17 earnings per share. The business’s revenue was down 3.0% compared to the same quarter last year.

Several equities analysts have recently commented on SSB shares. DA Davidson lowered their price target on shares of SouthState to $91.00 and set a “na” rating for the company in a research report on Monday, May 16th. Raymond James upped their price target on shares of SouthState from $92.00 to $93.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 6th. StockNews.com lowered shares of SouthState from a “hold” rating to a “sell” rating in a research report on Monday, May 23rd. Finally, Zacks Investment Research upgraded shares of SouthState from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research report on Wednesday, March 30th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, SouthState presently has a consensus rating of “Hold” and an average price target of $86.54.

SSB stock opened at $81.01 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.83 and a quick ratio of 0.83. SouthState has a 1-year low of $62.60 and a 1-year high of $93.34. The firm has a fifty day moving average price of $78.84 and a two-hundred day moving average price of $82.24. The firm has a market cap of $6.11 billion, a price-to-earnings ratio of 13.41 and a beta of 0.81.

The firm also recently declared a quarterly dividend, which was paid on Friday, May 20th. Shareholders of record on Friday, May 13th were issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Thursday, May 12th. SouthState’s payout ratio is 32.45%.

In other SouthState news, insider Douglas Lloyd Williams sold 4,950 shares of the company’s stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $85.02, for a total transaction of $420,849.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Greg A. Lapointe sold 300 shares of the firm’s stock in a transaction dated Monday, March 21st. The stock was sold at an average price of $85.60, for a total transaction of $25,680.00. The disclosure for this sale can be found here. Insiders sold a total of 6,720 shares of company stock valued at $567,290 over the last three months. 1.88% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in SSB. Liberty Wealth Management LLC lifted its position in shares of SouthState by 102.5% in the third quarter. Liberty Wealth Management LLC now owns 328 shares of the bank’s stock worth $26,000 after purchasing an additional 166 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of SouthState by 166.7% in the first quarter. Sound Income Strategies LLC now owns 480 shares of the bank’s stock worth $39,000 after purchasing an additional 300 shares in the last quarter. Trust Co. of Vermont purchased a new stake in shares of SouthState in the fourth quarter worth approximately $52,000. Andrew Hill Investment Advisors Inc. purchased a new stake in shares of SouthState in the fourth quarter worth approximately $53,000. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of SouthState in the first quarter worth approximately $54,000. 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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