BidaskClub cut shares of South State (NASDAQ:SSB) from a hold rating to a sell rating in a report published on Friday, October 19th.
Several other brokerages also recently commented on SSB. Brean Capital reiterated a hold rating on shares of South State in a research note on Sunday, September 30th. Sandler O’Neill restated a hold rating and issued a $81.00 price target on shares of South State in a research note on Thursday, August 2nd. FIG Partners downgraded South State from an outperform rating to a market perform rating in a research note on Tuesday, July 31st. Keefe, Bruyette & Woods restated a hold rating and issued a $90.00 price target on shares of South State in a research note on Monday, August 6th. Finally, Zacks Investment Research downgraded South State from a hold rating to a sell rating in a research report on Friday, August 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $88.40.
Shares of NASDAQ:SSB traded up $1.45 during trading on Friday, hitting $69.79. 187,412 shares of the company were exchanged, compared to its average volume of 146,442. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 14.39 and a beta of 1.07. South State has a fifty-two week low of $61.26 and a fifty-two week high of $94.50. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.05.
South State (NASDAQ:SSB) last posted its quarterly earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.44 by ($0.11). South State had a return on equity of 8.35% and a net margin of 19.08%. The company had revenue of $160.32 million for the quarter, compared to analyst estimates of $167.07 million. During the same period last year, the firm earned $1.22 EPS. As a group, analysts anticipate that South State will post 5.72 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Friday, November 9th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.06%. This is an increase from South State’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, November 8th. South State’s dividend payout ratio is presently 28.87%.
In related news, Director Robert H. Demere, Jr. bought 2,000 shares of the business’s stock in a transaction dated Friday, October 26th. The stock was purchased at an average cost of $63.12 per share, for a total transaction of $126,240.00. Following the transaction, the director now owns 44,360 shares in the company, valued at approximately $2,800,003.20. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.96% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. First National Bank of Omaha acquired a new position in shares of South State during the 3rd quarter worth $240,000. American Century Companies Inc. acquired a new position in shares of South State during the 3rd quarter worth $13,574,000. Gamco Investors INC. ET AL raised its holdings in shares of South State by 75.0% during the 3rd quarter. Gamco Investors INC. ET AL now owns 7,000 shares of the bank’s stock worth $574,000 after buying an additional 3,000 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of South State by 44.8% during the 3rd quarter. Wells Fargo & Company MN now owns 589,809 shares of the bank’s stock worth $48,364,000 after buying an additional 182,406 shares in the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of South State by 148.9% during the 3rd quarter. Sterling Capital Management LLC now owns 50,603 shares of the bank’s stock worth $4,149,000 after buying an additional 30,269 shares in the last quarter. 73.71% of the stock is owned by institutional investors.
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, 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, ATM processing, and wealth management and trust services.
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