A number of other research firms have also issued reports on SSB. Zacks Investment Research lowered South State from a hold rating to a sell rating in a report on Friday, October 27th. SunTrust Banks reiterated a buy rating and issued a $98.00 target price on shares of South State in a report on Thursday, October 12th. Piper Jaffray Companies reiterated a neutral rating and issued a $90.00 target price on shares of South State in a report on Thursday, October 5th. Finally, BidaskClub upgraded South State from a buy rating to a strong-buy rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $97.33.
Shares of South State (NASDAQ:SSB) traded down $0.85 during midday trading on Wednesday, hitting $88.60. The stock had a trading volume of 193,400 shares, compared to its average volume of 120,828. South State has a twelve month low of $78.60 and a twelve month high of $94.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market capitalization of $3,260.00, a PE ratio of 19.03, a PEG ratio of 2.37 and a beta of 1.08.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 17th. Shareholders of record on Friday, November 10th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Thursday, November 9th. South State’s dividend payout ratio (DPR) is 33.85%.
In other news, President John F. Windley sold 7,258 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $90.93, for a total value of $659,969.94. Following the completion of the sale, the president now directly owns 37,764 shares of the company’s stock, valued at approximately $3,433,880.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James C. Cherry sold 16,255 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total value of $1,446,857.55. Following the completion of the sale, the director now directly owns 23,007 shares of the company’s stock, valued at $2,047,853.07. The disclosure for this sale can be found here. Insiders have sold a total of 72,620 shares of company stock valued at $6,611,006 over the last ninety days. 2.78% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new position in South State during the 3rd quarter worth approximately $444,000. California Public Employees Retirement System increased its position in South State by 3.7% during the 3rd quarter. California Public Employees Retirement System now owns 36,174 shares of the bank’s stock worth $3,257,000 after purchasing an additional 1,274 shares during the period. Jane Street Group LLC acquired a new position in South State during the 3rd quarter worth approximately $301,000. Atlanta Capital Management Co. L L C acquired a new position in South State during the 3rd quarter worth approximately $8,013,000. Finally, Dimensional Fund Advisors LP increased its position in South State by 6.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,016,792 shares of the bank’s stock worth $91,561,000 after purchasing an additional 58,525 shares during the period. Hedge funds and other institutional investors own 69.94% 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.
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