Keefe, Bruyette & Woods upgraded shares of South State Corporation (NASDAQ:SSB) from a market perform rating to an outperform rating in a research note released on Tuesday, July 25th, Marketbeat.com reports. They currently have $95.00 price target on the bank’s stock.
Several other equities research analysts also recently issued reports on the stock. BidaskClub downgraded shares of South State Corporation from a hold rating to a sell rating in a research report on Thursday, July 13th. Zacks Investment Research upgraded shares of South State Corporation from a sell rating to a hold rating in a research report on Thursday, June 22nd. Finally, Stephens restated a hold rating on shares of South State Corporation in a research report on Friday, May 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $96.50.
Shares of South State Corporation (NASDAQ SSB) opened at 81.10 on Tuesday. The firm has a 50 day moving average price of $84.45 and a 200-day moving average price of $86.81. South State Corporation has a 12 month low of $69.40 and a 12 month high of $93.40. The firm has a market cap of $2.36 billion, a PE ratio of 21.19 and a beta of 1.09.
South State Corporation (NASDAQ:SSB) last issued its quarterly earnings data on Friday, July 21st. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.18. The firm had revenue of $136.61 million during the quarter, compared to the consensus estimate of $137 million. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. On average, analysts predict that South State Corporation will post $4.75 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Friday, August 11th will be given a $0.33 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.63%. South State Corporation’s payout ratio is 34.11%.
In other news, Director Robert R. Horger sold 1,788 shares of South State Corporation stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $85.20, for a total value of $152,337.60. Following the completion of the sale, the director now directly owns 96,336 shares in the company, valued at $8,207,827.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Robert R. Hill, Jr. sold 5,727 shares of South State Corporation stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $85.27, for a total transaction of $488,341.29. Following the completion of the sale, the chief executive officer now owns 137,269 shares of the company’s stock, valued at $11,704,927.63. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,765 shares of company stock valued at $832,259. 2.78% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP boosted its position in shares of South State Corporation by 17.3% in the first quarter. First Trust Advisors LP now owns 88,264 shares of the bank’s stock worth $7,886,000 after buying an additional 13,008 shares during the period. Advisory Services Network LLC bought a new stake in South State Corporation during the first quarter worth $165,000. Tocqueville Asset Management L.P. boosted its stake in South State Corporation by 9.0% in the first quarter. Tocqueville Asset Management L.P. now owns 12,085 shares of the bank’s stock worth $1,080,000 after buying an additional 1,000 shares during the last quarter. Asset Advisors Corp bought a new stake in South State Corporation during the first quarter worth $16,169,000. Finally, Strs Ohio boosted its stake in South State Corporation by 116.7% in the first quarter. Strs Ohio now owns 1,300 shares of the bank’s stock worth $116,000 after buying an additional 700 shares during the last quarter. 63.05% of the stock is currently owned by institutional investors and hedge funds.
About South State Corporation
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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