BidaskClub Downgrades South State Corporation (SSB) to Strong Sell

BidaskClub lowered shares of South State Corporation (NASDAQ:SSB) from a sell rating to a strong sell rating in a research note released on Friday.

A number of other equities analysts have also recently issued reports on the company. Zacks Investment Research upgraded South State Corporation from a sell rating to a hold rating in a report on Saturday, September 2nd. Brean Capital reiterated a hold rating on shares of South State Corporation in a report on Wednesday, August 2nd. Keefe, Bruyette & Woods upgraded South State Corporation from a market perform rating to an outperform rating and set a $95.00 price objective for the company in a report on Tuesday, July 25th. Finally, Stephens reiterated a hold rating on shares of South State Corporation in a report on Friday, May 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $96.50.

South State Corporation (NASDAQ SSB) opened at 81.30 on Friday. South State Corporation has a one year low of $70.75 and a one year high of $93.40. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 21.24 and a beta of 1.08. The firm has a 50-day moving average price of $82.32 and a 200-day moving average price of $85.76.

South State Corporation (NASDAQ:SSB) last posted its quarterly earnings data on Friday, July 21st. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.18. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. The firm had revenue of $136.61 million during the quarter, compared to analysts’ expectations of $137 million. Analysts expect that South State Corporation will post $4.75 EPS for the current year.

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The business also recently announced a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Friday, August 11th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Wednesday, August 9th. South State Corporation’s dividend payout ratio (DPR) is presently 34.11%.

In other news, insider Joe E. Burns sold 500 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total value of $41,695.00. Following the completion of the sale, the insider now owns 39,947 shares of the company’s stock, valued at approximately $3,331,180.33. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $82.10, for a total value of $232,425.10. Following the completion of the sale, the chief executive officer now directly owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The disclosure for this sale can be found here. In the last three months, insiders sold 3,581 shares of company stock valued at $294,408. 2.78% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Strs Ohio lifted its stake in shares of South State Corporation by 116.7% in the 1st quarter. Strs Ohio now owns 1,300 shares of the bank’s stock valued at $116,000 after acquiring an additional 700 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of South State Corporation by 47.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock valued at $132,000 after acquiring an additional 497 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of South State Corporation by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after acquiring an additional 34 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of South State Corporation by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after acquiring an additional 20 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its stake in shares of South State Corporation by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock valued at $161,000 after acquiring an additional 614 shares during the last quarter. 66.71% of the stock is owned by institutional investors.

South State Corporation Company Profile

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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