South State Co. (SSB) Earns “Hold” Rating from Stephens

Stephens restated their hold rating on shares of South State Co. (NASDAQ:SSB) in a research note published on Friday morning.

SSB has been the subject of several other reports. Zacks Investment Research upgraded South State from a sell rating to a hold rating in a report on Wednesday, April 26th. Brean Capital reiterated a hold rating on shares of South State in a report on Monday, January 30th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $92.00 price target on shares of South State in a report on Monday, April 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $95.00.

South State (NASDAQ:SSB) opened at 81.85 on Friday. South State has a one year low of $63.83 and a one year high of $93.40. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 21.90 and a beta of 1.01. The stock’s 50 day moving average is $87.84 and its 200 day moving average is $86.79.

South State (NASDAQ:SSB) last announced its quarterly earnings results on Friday, April 21st. The bank reported $1.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.03. The business had revenue of $133.80 million during the quarter, compared to analyst estimates of $134.35 million. South State had a return on equity of 9.98% and a net margin of 21.85%. On average, equities analysts forecast that South State will post $4.74 EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, May 19th. Investors of record on Friday, May 12th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, May 10th. This represents a $1.32 annualized dividend and a yield of 1.61%. South State’s dividend payout ratio (DPR) is currently 30.62%.

In related news, Director M Oswald Fogle sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $91.62, for a total value of $274,860.00. Following the completion of the sale, the director now directly owns 14,144 shares in the company, valued at approximately $1,295,873.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alton Clarence Phillips sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $91.65, for a total value of $91,650.00. Following the completion of the sale, the director now owns 11,467 shares of the company’s stock, valued at $1,050,950.55. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,321 shares of company stock valued at $665,400. Corporate insiders own 4.18% of the company’s stock.

Large investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in South State by 15,348.4% in the first quarter. BlackRock Inc. now owns 1,899,075 shares of the bank’s stock valued at $169,681,000 after buying an additional 1,886,782 shares during the period. Vanguard Group Inc. raised its stake in South State by 21.8% in the first quarter. Vanguard Group Inc. now owns 2,189,012 shares of the bank’s stock valued at $195,589,000 after buying an additional 391,665 shares during the period. Wellington Management Group LLP raised its stake in South State by 44.9% in the first quarter. Wellington Management Group LLP now owns 1,138,922 shares of the bank’s stock valued at $101,762,000 after buying an additional 353,057 shares during the period. Westwood Holdings Group Inc. raised its stake in South State by 2,286.6% in the first quarter. Westwood Holdings Group Inc. now owns 366,755 shares of the bank’s stock valued at $32,769,000 after buying an additional 351,388 shares during the period. Finally, Norges Bank bought a new stake in South State during the fourth quarter valued at $20,277,000. Hedge funds and other institutional investors own 57.55% of the company’s stock.

About South State

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.

5 Day Chart for NASDAQ:SSB

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