Keefe, Bruyette & Woods upgraded shares of South State Corporation (NASDAQ:SSB) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday, July 25th, MarketBeat Ratings reports. The firm currently has $95.00 target price on the bank’s stock.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised South State Corporation from a hold rating to a buy rating and set a $98.00 target price for the company in a report on Thursday, March 30th. BidaskClub raised South State Corporation from a sell rating to a hold rating in a research note on Saturday, June 10th. Finally, Stephens reaffirmed a hold rating on shares of South State Corporation in a research note on Friday, May 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. South State Corporation presently has a consensus rating of Hold and a consensus target price of $96.50.
South State Corporation (SSB) traded down 0.31% during trading on Tuesday, reaching $80.40. 167,862 shares of the company traded hands. The company’s 50-day moving average is $83.96 and its 200 day moving average is $86.49. South State Corporation has a 12 month low of $70.75 and a 12 month high of $93.40. The company has a market cap of $2.34 billion, a PE ratio of 21.00 and a beta of 1.09.
South State Corporation (NASDAQ:SSB) last posted its earnings results on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.18. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. The company had revenue of $136.61 million during the quarter, compared to the consensus estimate of $137 million. On average, analysts anticipate that South State Corporation will post $4.75 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Friday, August 11th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date was Wednesday, August 9th. South State Corporation’s dividend payout ratio (DPR) is presently 34.11%.
In other South State Corporation news, insider Keith S. Rainwater sold 300 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $86.10, for a total transaction of $25,830.00. Following the completion of the transaction, the insider now owns 5,328 shares of the company’s stock, valued at $458,740.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joe E. Burns sold 500 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total value of $41,695.00. Following the transaction, the insider now directly owns 39,947 shares of the company’s stock, valued at approximately $3,331,180.33. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,265 shares of company stock valued at $873,954. 2.78% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. 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 valued at $116,000 after buying an additional 700 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in South State Corporation by 47.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock valued at $132,000 after buying an additional 497 shares during the period. Bank of Montreal Can boosted its stake in South State Corporation by 2.2% in the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after buying an additional 34 shares during the period. SG Americas Securities LLC boosted its stake in South State Corporation by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after buying an additional 20 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in South State Corporation during the first quarter valued at $165,000. 63.05% of the stock is owned by hedge funds and other institutional investors.
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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