South State Corp. (SSB) Receives New Coverage from Analysts at Brean Capital
Stock analysts at Brean Capital initiated coverage on shares of South State Corp. (NASDAQ:SSB) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “hold” rating on the stock.
SSB has been the subject of several other reports. Keefe, Bruyette & Woods downgraded South State Corp. from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Zacks Investment Research upgraded shares of South State Corp. from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a report on Tuesday, October 25th. Finally, FIG Partners raised shares of South State Corp. from a “market-perform” rating to an “outperform” rating in a research note on Thursday, November 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $80.33.
Shares of South State Corp. (NASDAQ:SSB) opened at 85.30 on Wednesday. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 20.12 and a beta of 0.97. South State Corp. has a one year low of $59.19 and a one year high of $87.75. The stock’s 50 day moving average price is $77.20 and its 200 day moving average price is $73.38.
South State Corp. (NASDAQ:SSB) last released its quarterly earnings results on Friday, October 21st. The company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.17 by $0.01. South State Corp. had a return on equity of 9.98% and a net margin of 22.27%. Analysts forecast that South State Corp. will post $4.55 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Friday, November 11th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, November 8th. This is a positive change from South State Corp.’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 1.50%. South State Corp.’s dividend payout ratio is 30.26%.
In other news, Director Alton Clarence Phillips sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $86.00, for a total value of $86,000.00. Following the sale, the director now directly owns 12,467 shares in the company, valued at approximately $1,072,162. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith S. Rainwater sold 300 shares of the firm’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $83.40, for a total transaction of $25,020.00. Following the completion of the sale, the insider now owns 4,926 shares in the company, valued at $410,828.40. The disclosure for this sale can be found here. Company insiders own 4.18% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. D.A. Davidson & CO. raised its stake in shares of South State Corp. by 6.0% in the third quarter. D.A. Davidson & CO. now owns 1,399 shares of the company’s stock valued at $104,000 after buying an additional 79 shares in the last quarter. Advisory Services Network LLC raised its stake in shares of South State Corp. by 3.0% in the second quarter. Advisory Services Network LLC now owns 1,600 shares of the company’s stock valued at $109,000 after buying an additional 47 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in shares of South State Corp. during the second quarter valued at approximately $109,000. Advisor Group Inc. bought a new stake in shares of South State Corp. during the second quarter valued at approximately $109,000. Finally, BNP Paribas Arbitrage SA raised its stake in shares of South State Corp. by 377.0% in the second quarter. BNP Paribas Arbitrage SA now owns 1,636 shares of the company’s stock valued at $111,000 after buying an additional 1,293 shares in the last quarter. Institutional investors and hedge funds own 68.95% of the company’s stock.
South State Corp. 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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