Zacks Investment Research cut shares of South State Corporation (NASDAQ:SSB) from a hold rating to a sell rating in a research note published on Wednesday.

According to Zacks, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina. “

A number of other research firms have also recently weighed in on SSB. BidaskClub cut South State Corporation from a sell rating to a strong sell rating in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods upgraded South State Corporation from a market perform rating to an outperform rating and set a $95.00 price target on the stock in a research note on Tuesday, July 25th. Finally, Stephens restated a hold rating on shares of South State Corporation in a research note on Friday, May 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. South State Corporation presently has an average rating of Hold and a consensus target price of $96.50.

Shares of South State Corporation (NASDAQ SSB) opened at 82.50 on Wednesday. The firm has a market cap of $2.40 billion, a P/E ratio of 21.55 and a beta of 1.10. South State Corporation has a 52 week low of $69.40 and a 52 week high of $93.40. The stock has a 50 day moving average of $85.41 and a 200 day moving average of $86.98.

South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.18. South State Corporation had a return on equity of 9.74% and a net margin of 20.00%. The business had revenue of $136.61 million for the quarter, compared to analysts’ expectations of $137 million. Equities analysts forecast that South State Corporation will post $4.76 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Friday, August 11th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Wednesday, August 9th. South State Corporation’s dividend payout ratio is 34.11%.

In other South State Corporation news, CEO Robert R. Hill, Jr. sold 5,727 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $85.27, for a total value of $488,341.29. Following the transaction, the chief executive officer now directly owns 137,269 shares of the company’s stock, valued at approximately $11,704,927.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Keith S. Rainwater sold 300 shares of the company’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $86.10, for a total value of $25,830.00. Following the completion of the transaction, the insider now directly owns 5,328 shares in the company, valued at $458,740.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,765 shares of company stock worth $832,259. Insiders own 2.78% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of South State Corporation by 21.8% in the first quarter. Vanguard Group Inc. now owns 2,189,012 shares of the bank’s stock worth $195,589,000 after buying an additional 391,665 shares during the last quarter. BlackRock Inc. raised its stake in shares of South State Corporation by 15,348.4% in the first quarter. BlackRock Inc. now owns 1,899,075 shares of the bank’s stock worth $169,681,000 after buying an additional 1,886,782 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of South State Corporation by 44.9% in the first quarter. Wellington Management Group LLP now owns 1,138,922 shares of the bank’s stock worth $101,762,000 after buying an additional 353,057 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of South State Corporation by 8.4% in the first quarter. Victory Capital Management Inc. now owns 859,514 shares of the bank’s stock worth $76,797,000 after buying an additional 66,432 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of South State Corporation by 0.4% in the first quarter. Goldman Sachs Group Inc. now owns 786,114 shares of the bank’s stock worth $70,239,000 after buying an additional 3,268 shares during the last quarter. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

About South State Corporation

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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