Keefe, Bruyette & Woods Reaffirms “Buy” Rating for South State (SSB)
Keefe, Bruyette & Woods restated their buy rating on shares of South State (NASDAQ:SSB) in a research report released on Tuesday. The brokerage currently has a $102.00 price objective on the bank’s stock.
SSB has been the topic of several other research reports. Brean Capital reaffirmed a hold rating on shares of South State in a report on Wednesday, December 6th. BidaskClub raised South State from a strong sell rating to a sell rating in a report on Monday, February 5th. SunTrust Banks reaffirmed a buy rating and issued a $107.00 price target on shares of South State in a report on Wednesday, November 29th. Finally, Zacks Investment Research raised South State from a hold rating to a strong-buy rating and set a $102.00 price target on the stock in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $100.50.
Shares of South State (SSB) opened at $88.20 on Tuesday. The stock has a market capitalization of $3,198.46, a PE ratio of 17.93, a P/E/G ratio of 1.87 and a beta of 1.03. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.93. South State has a 1-year low of $78.60 and a 1-year high of $94.50.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $1.32 annualized dividend and a dividend yield of 1.50%. South State’s dividend payout ratio (DPR) is presently 44.30%.
In other news, Director James C. Cherry sold 16,255 shares of the stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $89.01, for a total transaction of $1,446,857.55. Following the transaction, the director now directly owns 23,007 shares in the company, valued at approximately $2,047,853.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert R. Hill, Jr. sold 8,878 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $89.12, for a total value of $791,207.36. Following the transaction, the chief executive officer now owns 110,441 shares in the company, valued at $9,842,501.92. The disclosure for this sale can be found here. Insiders have sold a total of 39,235 shares of company stock worth $3,490,869 over the last quarter. Corporate insiders own 2.78% of the company’s stock.
Several institutional investors have recently made changes to their positions in SSB. Captrust Financial Advisors bought a new position in shares of South State during the 4th quarter valued at about $111,000. Glenmede Trust Co. NA grew its position in South State by 156.6% during the 4th quarter. Glenmede Trust Co. NA now owns 1,709 shares of the bank’s stock worth $148,000 after acquiring an additional 1,043 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in South State by 63.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock worth $152,000 after acquiring an additional 675 shares during the last quarter. Bank of Montreal Can grew its position in South State by 38.7% during the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after acquiring an additional 600 shares during the last quarter. Finally, TNB Financial bought a new position in South State during the 4th quarter worth approximately $200,000. Hedge funds and other institutional investors own 65.06% 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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