South State Corporation (NASDAQ:SSB) had its price objective hoisted by SunTrust Banks, Inc. from $98.00 to $102.00 in a report issued on Thursday, October 26th. SunTrust Banks, Inc. currently has a buy rating on the bank’s stock.
Several other equities research analysts have also recently issued reports on SSB. BidaskClub raised shares of South State Corporation from a hold rating to a buy rating in a research note on Wednesday, September 27th. Brean Capital reiterated a hold rating on shares of South State Corporation in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded shares of South State Corporation from a sell rating to a hold rating in a research note on Wednesday, September 27th. Finally, Piper Jaffray Companies reissued a neutral rating and set a $90.00 price objective on shares of South State Corporation in a research report on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $95.67.
Shares of South State Corporation (NASDAQ:SSB) traded up $0.40 during trading on Thursday, hitting $86.50. 88,000 shares of the company traded hands, compared to its average volume of 116,200. South State Corporation has a 52-week low of $78.60 and a 52-week high of $93.85. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. The stock has a market cap of $2,533.95, a price-to-earnings ratio of 18.40, a P/E/G ratio of 2.28 and a beta of 1.09.
South State Corporation (NASDAQ:SSB) last posted its earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. South State Corporation had a net margin of 20.48% and a return on equity of 8.85%. The firm had revenue of $136.36 million during the quarter, compared to analyst estimates of $139.85 million. During the same period in the previous year, the firm earned $1.18 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis. analysts anticipate that South State Corporation will post 4.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 10th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, November 9th. South State Corporation’s payout ratio is 33.85%.
In other South State Corporation news, Director Robert R. Horger sold 21,252 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $91.89, for a total value of $1,952,846.28. Following the sale, the director now directly owns 75,084 shares of the company’s stock, valued at approximately $6,899,468.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO John C. Pollok sold 8,283 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $90.56, for a total value of $750,108.48. Following the completion of the transaction, the chief financial officer now owns 83,714 shares in the company, valued at $7,581,139.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,688 shares of company stock worth $4,798,586. Corporate insiders own 2.78% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. grew its position in shares of South State Corporation by 47.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after acquiring an additional 497 shares in the last quarter. Bank of Montreal Can boosted its position in South State Corporation by 2.2% during the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after acquiring an additional 34 shares during the period. SG Americas Securities LLC boosted its position in South State Corporation by 1.3% during the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after acquiring an additional 20 shares during the period. Strs Ohio raised its stake in shares of South State Corporation by 38.5% in the 2nd quarter. Strs Ohio now owns 1,800 shares of the bank’s stock worth $154,000 after buying an additional 500 shares in the last quarter. Finally, D.A. Davidson & CO. raised its stake in shares of South State Corporation by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after buying an additional 614 shares in the last quarter. Institutional investors own 67.38% of the company’s stock.
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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