South State (NASDAQ:SSB) Stock Rating Lowered by BidaskClub

BidaskClub lowered shares of South State (NASDAQ:SSB) from a buy rating to a hold rating in a research report sent to investors on Saturday, BidAskClub reports.

SSB has been the topic of several other research reports. Zacks Investment Research downgraded South State from a buy rating to a hold rating in a research report on Friday, August 9th. Stephens raised South State from an underweight rating to an equal weight rating in a research report on Monday, November 4th. ValuEngine downgraded South State from a hold rating to a sell rating in a research report on Monday, October 21st. Finally, SunTrust Banks upped their target price on South State from $88.00 to $90.00 and gave the company a buy rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. South State has a consensus rating of Hold and an average price target of $77.33.

Shares of South State stock traded down $0.18 on Friday, hitting $80.71. The stock had a trading volume of 67,500 shares, compared to its average volume of 158,807. South State has a twelve month low of $56.55 and a twelve month high of $83.64. The business’s 50 day moving average is $78.21 and its two-hundred day moving average is $74.93. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.35. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 14.67 and a beta of 1.34.

South State (NASDAQ:SSB) last posted its earnings results on Monday, October 28th. The bank reported $1.49 EPS for the quarter, beating the consensus estimate of $1.43 by $0.06. South State had a return on equity of 8.22% and a net margin of 25.53%. The company had revenue of $164.96 million for the quarter, compared to the consensus estimate of $163.79 million. During the same quarter in the prior year, the business earned $1.33 earnings per share. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities analysts predict that South State will post 5.55 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a dividend of $0.46 per share. The ex-dividend date was Thursday, November 7th. This represents a $1.84 dividend on an annualized basis and a yield of 2.28%. This is an increase from South State’s previous quarterly dividend of $0.43. South State’s dividend payout ratio is currently 33.45%.

In related news, Director James W. Roquemore sold 4,791 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $76.15, for a total transaction of $364,834.65. Following the sale, the director now owns 37,515 shares of the company’s stock, valued at $2,856,767.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Keith S. Rainwater sold 519 shares of the 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 approximately $509,302. The disclosure for this sale can be found here. Insiders have sold 13,649 shares of company stock worth $1,032,818 in the last three months. 2.05% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of SSB. Earnest Partners LLC grew its position in South State by 25.2% during the second quarter. Earnest Partners LLC now owns 1,017,729 shares of the bank’s stock worth $74,976,000 after buying an additional 204,920 shares in the last quarter. Wasatch Advisors Inc. grew its position in South State by 77.6% during the second quarter. Wasatch Advisors Inc. now owns 366,446 shares of the bank’s stock worth $26,996,000 after buying an additional 160,073 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in South State during the second quarter worth $11,164,000. Great Lakes Advisors LLC bought a new stake in South State during the third quarter worth $4,257,000. Finally, Bank of New York Mellon Corp lifted its stake in South State by 5.1% during the second quarter. Bank of New York Mellon Corp now owns 728,473 shares of the bank’s stock worth $53,668,000 after purchasing an additional 35,277 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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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