Other analysts have also recently issued research reports about the company. Zacks Investment Research cut South State Corporation from a hold rating to a sell rating in a research report on Thursday, May 4th. Brean Capital reiterated a hold rating on shares of South State Corporation in a research report on Monday, January 30th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $92.00 target price on shares of South State Corporation in a research report on Monday, April 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $95.00.
Shares of South State Corporation (NASDAQ:SSB) traded down 1.74% during trading on Friday, hitting $87.30. The stock had a trading volume of 262,748 shares. The stock has a 50-day moving average price of $85.64 and a 200 day moving average price of $87.51. South State Corporation has a 12 month low of $63.83 and a 12 month high of $93.40. The company has a market cap of $2.54 billion, a P/E ratio of 23.35 and a beta of 1.10.
South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Friday, April 21st. The bank reported $1.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.03. South State Corporation had a return on equity of 9.59% and a net margin of 19.52%. The company had revenue of $133.80 million for the quarter, compared to analysts’ expectations of $134.35 million. Equities analysts expect that South State Corporation will post $4.74 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 19th. Shareholders of record on Friday, May 12th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Wednesday, May 10th. South State Corporation’s dividend payout ratio is presently 34.74%.
In other South State Corporation news, insider Keith S. Rainwater sold 300 shares of South State Corporation stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $86.10, for a total value of $25,830.00. Following the sale, the insider now owns 5,328 shares of the company’s stock, valued at approximately $458,740.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joe E. Burns sold 1,950 shares of South State Corporation stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $85.00, for a total value of $165,750.00. Following the completion of the sale, the insider now directly owns 42,795 shares in the company, valued at approximately $3,637,575. The disclosure for this sale can be found here. Insiders sold a total of 9,765 shares of company stock worth $832,259 in the last ninety days. 2.78% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of South State Corporation 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 shares of South State Corporation 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 shares of South State Corporation 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 shares of South State Corporation 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 Corporation during the fourth quarter worth about $20,277,000. 62.74% of the stock is currently owned by institutional investors and hedge funds.
South State Corporation 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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