South State Corp (NASDAQ:SSB) has received a consensus rating of “Hold” from the seven analysts that are covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $88.00.
SSB has been the topic of a number of recent research reports. ValuEngine upgraded shares of South State from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. SunTrust Banks set a $88.00 price objective on shares of South State and gave the company a “buy” rating in a report on Wednesday, September 18th. Zacks Investment Research lowered shares of South State from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. BidaskClub upgraded South State from a “hold” rating to a “buy” rating in a report on Saturday, November 23rd. Finally, Stephens upgraded South State from an “underweight” rating to an “equal weight” rating in a research report on Monday, November 4th.
SSB traded up $1.24 on Friday, hitting $83.73. 188,639 shares of the company’s stock were exchanged, compared to its average volume of 157,614. South State has a fifty-two week low of $56.55 and a fifty-two week high of $84.50. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 15.22 and a beta of 1.34. The firm has a 50-day moving average price of $80.39 and a 200-day moving average price of $75.54. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.35.
South State (NASDAQ:SSB) last issued its earnings results on Monday, October 28th. The bank reported $1.49 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.06. The business had revenue of $164.96 million during the quarter, compared to analysts’ expectations of $163.79 million. South State had a net margin of 25.53% and a return on equity of 8.22%. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.33 earnings per share. On average, equities analysts predict that South State will post 5.55 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a $0.46 dividend. This is a boost from South State’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 2.20%. The ex-dividend date was Thursday, November 7th. South State’s dividend payout ratio is presently 33.45%.
In related news, insider Keith S. Rainwater sold 519 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were 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 $509,302. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert R. Horger sold 8,339 shares of South State stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $75.00, for a total transaction of $625,425.00. Following the transaction, the director now directly owns 75,231 shares in the company, valued at $5,642,325. The disclosure for this sale can be found here. Insiders sold a total of 13,649 shares of company stock valued at $1,032,818 over the last ninety days. Corporate insiders own 2.05% of the company’s stock.
Large investors have recently bought and sold shares of the business. Millennium Management LLC lifted its stake in shares of South State by 311.1% in the 3rd quarter. Millennium Management LLC now owns 38,348 shares of the bank’s stock valued at $2,887,000 after purchasing an additional 29,020 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in South State in the 3rd quarter valued at about $4,257,000. SG Americas Securities LLC acquired a new position in South State in the third quarter valued at about $165,000. First National Bank of Omaha lifted its position in South State by 1.8% in the third quarter. First National Bank of Omaha now owns 26,536 shares of the bank’s stock valued at $1,998,000 after buying an additional 466 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in South State by 7.2% during the third quarter. Russell Investments Group Ltd. now owns 49,484 shares of the bank’s stock worth $3,727,000 after buying an additional 3,321 shares during the period. Institutional investors own 79.51% of the company’s stock.
South State Company Profile
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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