Robert R. Hill, Jr. Sells 2,831 Shares of South State Corporation (SSB) Stock
South State Corporation (NASDAQ:SSB) CEO Robert R. Hill, Jr. sold 2,831 shares of South State Corporation stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $82.10, for a total transaction of $232,425.10. Following the completion of the sale, the chief executive officer now owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
South State Corporation (NASDAQ SSB) opened at 81.65 on Wednesday. South State Corporation has a 52-week low of $70.75 and a 52-week high of $93.40. The company’s 50-day moving average is $83.35 and its 200-day moving average is $86.30. The firm has a market capitalization of $2.38 billion, a PE ratio of 21.33 and a beta of 1.09.
South State Corporation (NASDAQ:SSB) last released its earnings results on Friday, July 21st. The bank reported $1.18 earnings per share 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 business had revenue of $136.61 million for the quarter, compared to analyst estimates of $137 million. Analysts forecast that South State Corporation will post $4.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Friday, August 11th were paid a $0.33 dividend. The ex-dividend date was Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a yield of 1.62%. South State Corporation’s payout ratio is 34.11%.
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Hedge funds have recently added to or reduced their stakes in the company. Teachers Advisors LLC raised its stake in South State Corporation by 49.5% in the fourth quarter. Teachers Advisors LLC now owns 75,352 shares of the bank’s stock worth $6,586,000 after buying an additional 24,945 shares during the last quarter. Strs Ohio raised its stake in 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. Tocqueville Asset Management L.P. raised its stake in South State Corporation by 9.0% in the first quarter. Tocqueville Asset Management L.P. now owns 12,085 shares of the bank’s stock worth $1,080,000 after buying an additional 1,000 shares during the last quarter. Advisory Services Network LLC acquired a new stake in South State Corporation during the first quarter worth $165,000. Finally, First Trust Advisors LP raised its stake in South State Corporation by 17.3% in the first quarter. First Trust Advisors LP now owns 88,264 shares of the bank’s stock worth $7,886,000 after buying an additional 13,008 shares during the last quarter. Institutional investors and hedge funds own 66.71% of the company’s stock.
Several brokerages have recently commented on SSB. BidaskClub upgraded shares of South State Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Brean Capital restated a “hold” rating on shares of South State Corporation in a research report on Wednesday, August 2nd. Keefe, Bruyette & Woods upgraded shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 target price for the company in a research report on Tuesday, July 25th. Zacks Investment Research cut shares of South State Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. Finally, Stephens reiterated a “hold” rating on shares of South State Corporation in a research report 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 stock has a consensus rating of “Hold” and a consensus target price of $96.50.
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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