South State Corp (SSB) Given Average Recommendation of “Hold” by Brokerages

Shares of South State Corp (NASDAQ:SSB) have been given a consensus recommendation of “Hold” by the ten research firms that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $78.25.

SSB has been the subject of several recent analyst reports. Zacks Investment Research lowered South State from a “buy” rating to a “sell” rating in a research note on Wednesday, April 10th. BidaskClub upgraded South State from a “sell” rating to a “hold” rating in a research note on Wednesday, March 27th. TheStreet upgraded South State from a “c+” rating to a “b-” rating in a research note on Tuesday, March 19th. Finally, SunTrust Banks increased their price objective on South State to $85.00 and gave the stock an “in-line” rating in a research note on Wednesday, May 1st.

South State stock opened at $68.27 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.99 and a quick ratio of 0.99. South State has a 52-week low of $56.55 and a 52-week high of $93.25. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 12.41 and a beta of 1.29.

South State (NASDAQ:SSB) last released its quarterly earnings data on Monday, April 29th. The bank reported $1.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.26. South State had a return on equity of 8.27% and a net margin of 25.49%. The firm had revenue of $155.33 million during the quarter, compared to analyst estimates of $158.86 million. During the same period in the prior year, the company posted $1.39 earnings per share. Equities analysts anticipate that South State will post 5.33 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, May 9th. This is a boost from South State’s previous quarterly dividend of $0.38. South State’s dividend payout ratio is presently 29.09%.

In other news, insider Keith S. Rainwater sold 548 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $73.60, for a total transaction of $40,332.80. Following the sale, the insider now owns 5,398 shares in the company, valued at $397,292.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James C. Cherry sold 1,785 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $75.96, for a total value of $135,588.60. Following the sale, the director now owns 7,000 shares in the company, valued at approximately $531,720. The disclosure for this sale can be found here. 2.05% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its holdings in South State by 0.6% in the first quarter. Wellington Management Group LLP now owns 2,507,341 shares of the bank’s stock valued at $171,352,000 after acquiring an additional 15,746 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in South State by 11.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,758,041 shares of the bank’s stock valued at $120,146,000 after acquiring an additional 182,934 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in South State by 3.8% in the first quarter. Victory Capital Management Inc. now owns 1,217,236 shares of the bank’s stock valued at $83,186,000 after acquiring an additional 44,214 shares during the last quarter. Fenimore Asset Management Inc. boosted its holdings in South State by 1.9% in the first quarter. Fenimore Asset Management Inc. now owns 892,968 shares of the bank’s stock valued at $61,025,000 after acquiring an additional 16,280 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in South State by 5.1% in the first quarter. Northern Trust Corp now owns 789,340 shares of the bank’s stock valued at $53,944,000 after acquiring an additional 38,254 shares during the last quarter. Institutional investors and hedge funds own 79.22% of the company’s stock.

About South State

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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Analyst Recommendations for South State (NASDAQ:SSB)

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