South State Corp (NASDAQ:SSB)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $83.41 and last traded at $83.41, with a volume of 1112 shares changing hands. The stock had previously closed at $82.43.
Several equities analysts have recently commented on the company. SunTrust Banks boosted their price objective on South State from $88.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. ValuEngine downgraded South State from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. BidaskClub upgraded South State from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, Stephens upgraded South State from an “underweight” rating to an “equal weight” rating in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $77.33.
The company has a debt-to-equity ratio of 0.35, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market capitalization of $2.77 billion, a PE ratio of 14.76 and a beta of 1.34. The business has a 50-day moving average of $77.22 and a 200 day moving average of $74.60.
South State (NASDAQ:SSB) last posted its earnings results on Monday, October 28th. The bank reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.06. The company had revenue of $164.96 million for the quarter, compared to the consensus estimate of $163.79 million. South State had a return on equity of 8.22% and a net margin of 25.53%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 earnings per share. As a group, research analysts anticipate that South State Corp will post 5.49 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a $0.46 dividend. This is an increase from South State’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Thursday, November 7th. South State’s payout ratio is currently 31.27%.
In related news, Director James W. Roquemore sold 4,791 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $76.15, for a total value of $364,834.65. Following the sale, the director now directly owns 37,515 shares in the company, valued at $2,856,767.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Keith S. Rainwater sold 519 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $82.00, for a total value of $42,558.00. Following the sale, the insider now directly owns 6,211 shares in the company, valued at $509,302. The disclosure for this sale can be found here. Insiders sold 21,083 shares of company stock worth $1,590,368 over the last quarter. 2.05% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. increased its stake in South State by 35.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock worth $57,000 after acquiring an additional 201 shares during the last quarter. Holocene Advisors LP increased its stake in South State by 7.0% during the second quarter. Holocene Advisors LP now owns 5,450 shares of the bank’s stock worth $402,000 after acquiring an additional 357 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management increased its stake in South State by 10.4% during the third quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,083 shares of the bank’s stock worth $307,000 after acquiring an additional 386 shares during the last quarter. First National Bank of Omaha increased its stake in South State by 1.8% during the third quarter. First National Bank of Omaha now owns 26,536 shares of the bank’s stock worth $1,998,000 after acquiring an additional 466 shares during the last quarter. Finally, Carroll Financial Associates Inc. increased its stake in South State by 2.5% during the second quarter. Carroll Financial Associates Inc. now owns 20,884 shares of the bank’s stock worth $1,538,000 after acquiring an additional 517 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.
South State Company Profile (NASDAQ:SSB)
South State Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, trust and wealth management services, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, and ATM processing services.
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