South State Corporation (SSB) Downgraded by BidaskClub to “Strong Sell”
BidaskClub lowered shares of South State Corporation (NASDAQ:SSB) from a sell rating to a strong sell rating in a research report released on Tuesday.
Several other research analysts also recently commented on SSB. Zacks Investment Research raised shares of South State Corporation from a hold rating to a buy rating and set a $98.00 target price on the stock in a research note on Thursday, March 30th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $92.00 target price on shares of South State Corporation in a research note on Monday, April 10th. Finally, Stephens reaffirmed 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 issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $96.50.
South State Corporation (NASDAQ SSB) traded down 1.02% during midday trading on Tuesday, hitting $82.50. 51,051 shares of the stock traded hands. South State Corporation has a 52 week low of $69.40 and a 52 week high of $93.40. The stock’s 50-day moving average price is $85.41 and its 200 day moving average price is $86.98. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of 21.55 and a beta of 1.10.
South State Corporation (NASDAQ:SSB) last issued its earnings results on Friday, July 21st. The bank reported $1.18 EPS for the quarter, hitting the consensus estimate of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.74%. The company had revenue of $136.61 million for the quarter, compared to the consensus estimate of $137 million. On average, equities research analysts predict that South State Corporation will post $4.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Friday, August 11th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Wednesday, August 9th. South State Corporation’s payout ratio is currently 34.11%.
In other South State Corporation news, insider Keith S. Rainwater sold 300 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $86.10, for a total transaction of $25,830.00. Following the transaction, the insider now directly owns 5,328 shares of the company’s stock, valued at approximately $458,740.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert R. Hill, Jr. sold 5,727 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $85.27, for a total transaction of $488,341.29. Following the transaction, the chief executive officer now directly owns 137,269 shares in the company, valued at $11,704,927.63. The disclosure for this sale can be found here. Over the last three months, insiders have 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. Strs Ohio increased its position in shares of South State Corporation by 116.7% in the first quarter. Strs Ohio now owns 1,300 shares of the bank’s stock worth $116,000 after buying an additional 700 shares during the last quarter. Bank of Montreal Can increased its stake in South State Corporation by 2.2% in the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after buying an additional 34 shares in the last quarter. Advisory Services Network LLC acquired a new stake in South State Corporation during the first quarter worth $165,000. Ameritas Investment Partners Inc. acquired a new stake in South State Corporation during the first quarter worth $197,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in South State Corporation during the first quarter worth $206,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.
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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