South State’s (SSB) “Hold” Rating Reaffirmed at Brean Capital
Other research analysts have also issued research reports about the stock. SunTrust Banks reiterated a buy rating and issued a $107.00 price objective on shares of South State in a report on Wednesday, November 29th. BidaskClub lowered shares of South State from a strong-buy rating to a buy rating in a report on Friday, October 13th. Finally, Zacks Investment Research upgraded shares of South State from a sell rating to a hold rating in a report on Wednesday, December 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $98.75.
South State (SSB) opened at $87.35 on Monday. The company has a market cap of $3,179.71, a PE ratio of 29.33, a PEG ratio of 1.87 and a beta of 1.05. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. South State has a fifty-two week low of $78.60 and a fifty-two week high of $94.50.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Friday, February 9th will be issued a $0.33 dividend. The ex-dividend date is Thursday, February 8th. This represents a $1.32 dividend on an annualized basis and a yield of 1.51%. South State’s dividend payout ratio (DPR) is presently 44.30%.
In other South State news, CEO Robert R. Hill, Jr. sold 8,878 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $89.12, for a total transaction of $791,207.36. Following the completion of the sale, the chief executive officer now owns 110,441 shares of the company’s stock, valued at approximately $9,842,501.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Keith S. Rainwater sold 315 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $91.00, for a total transaction of $28,665.00. Following the sale, the insider now directly owns 5,013 shares of the company’s stock, valued at approximately $456,183. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,213 shares of company stock valued at $3,945,299. 2.78% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased 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 valued at $152,000 after purchasing an additional 675 shares during the period. Bank of Montreal Can increased 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 valued at $187,000 after purchasing an additional 600 shares during the period. TNB Financial acquired a new stake in South State during the 4th quarter valued at approximately $200,000. Teacher Retirement System of Texas acquired a new stake in South State during the 3rd quarter valued at approximately $207,000. Finally, Roberts Glore & Co. Inc. IL increased its position in South State by 6.6% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 2,440 shares of the bank’s stock valued at $209,000 after purchasing an additional 150 shares during the period. 56.16% of the stock is owned by institutional investors and hedge funds.
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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