BidaskClub upgraded shares of South State (NASDAQ:SSB) from a strong sell rating to a sell rating in a report released on Monday morning.
A number of other equities research analysts have also weighed in on the stock. Brean Capital restated a hold rating on shares of South State in a report on Monday, October 23rd. Zacks Investment Research lowered shares of South State from a hold rating to a sell rating in a report on Friday, October 27th. Finally, SunTrust Banks increased their target price on shares of South State from $98.00 to $102.00 and gave the company a buy rating in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $98.75.
Shares of South State (NASDAQ:SSB) opened at $86.50 on Monday. South State has a fifty-two week low of $78.60 and a fifty-two week high of $94.50. The firm has a market cap of $3,313.88, a price-to-earnings ratio of 18.59, a PEG ratio of 1.95 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.93 and a quick ratio of 0.92.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.11. South State had a net margin of 15.22% and a return on equity of 9.04%. The business had revenue of $151.37 million for the quarter, compared to analyst estimates of $147.91 million. During the same period last year, the business earned $1.15 EPS. The company’s revenue was up 33.4% on a year-over-year basis. sell-side analysts anticipate that South State will post 5.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Friday, February 9th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, February 8th. South State’s dividend payout ratio (DPR) is 44.30%.
In other South State news, CEO Robert R. Hill, Jr. sold 8,878 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $89.12, for a total transaction of $791,207.36. Following the transaction, the chief executive officer now directly owns 110,441 shares of the company’s stock, valued at approximately $9,842,501.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Keith S. Rainwater sold 315 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $91.00, for a total transaction of $28,665.00. Following the transaction, the insider now directly owns 5,013 shares in the company, valued at $456,183. The disclosure for this sale can be found here. Insiders sold a total of 44,213 shares of company stock worth $3,945,299 over the last ninety days. Insiders own 2.78% of the company’s stock.
A number of institutional investors have recently modified their holdings of SSB. Zurcher Kantonalbank Zurich Cantonalbank grew its position in South State by 63.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock worth $152,000 after purchasing an additional 675 shares during the last quarter. Bank of Montreal Can grew its position in South State by 38.7% during the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after purchasing an additional 600 shares during the last quarter. TNB Financial purchased a new position in South State during the 4th quarter worth $200,000. Teacher Retirement System of Texas purchased a new position in South State during the 3rd quarter worth $207,000. Finally, Roberts Glore & Co. Inc. IL grew its position in South State by 6.6% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 2,440 shares of the bank’s stock worth $209,000 after purchasing an additional 150 shares during the last quarter. 56.16% of the stock is currently owned by institutional investors.
South State Company Profile
South State Corporation (NASDAQ: SSB) is the largest bank holding company headquartered in South Carolina. Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 19 South Carolina counties, 12 Georgia counties and 4 North Carolina counties for over 80 years.
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