Zacks Investment Research upgraded shares of South State Corporation (NASDAQ:SSB) from a sell rating to a hold rating in a research report released on Saturday.

According to Zacks, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina. “

Several other equities analysts have also recently weighed in on the company. BidaskClub raised South State Corporation from a sell rating to a hold rating in a research note on Friday, June 30th. Stephens reaffirmed a hold rating on shares of South State Corporation in a research note on Friday, May 12th. Keefe, Bruyette & Woods raised South State Corporation from a market perform rating to an outperform rating and set a $95.00 target price on the stock in a research note on Tuesday, July 25th. Finally, Brean Capital reaffirmed a hold rating on shares of South State Corporation in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $96.50.

South State Corporation (NASDAQ:SSB) opened at 82.50 on Friday. South State Corporation has a 12-month low of $70.75 and a 12-month high of $93.40. The firm has a 50-day moving average of $82.86 and a 200-day moving average of $86.15. The firm has a market cap of $2.40 billion, a P/E ratio of 21.55 and a beta of 1.08.

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, meeting the Thomson Reuters’ consensus estimate of $1.18. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. The company had revenue of $136.61 million for the quarter, compared to analysts’ expectations of $137 million. On average, analysts expect that South State Corporation will post $4.75 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Friday, August 11th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.32 annualized dividend and a dividend yield of 1.60%. South State Corporation’s payout ratio is 34.11%.

In related news, insider Keith S. Rainwater sold 300 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $86.10, for a total value of $25,830.00. Following the completion of the sale, the insider now owns 5,328 shares of the company’s stock, valued at approximately $458,740.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joe E. Burns sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were 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 directly owns 39,947 shares of the company’s stock, valued at approximately $3,331,180.33. The disclosure for this sale can be found here. In the last three months, insiders sold 11,396 shares of company stock valued at $960,916. 2.78% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC grew its stake in shares of South State Corporation by 1.2% in the 2nd quarter. Lord Abbett & CO. LLC now owns 390,291 shares of the bank’s stock valued at $33,448,000 after buying an additional 4,585 shares in the last quarter. Wasatch Advisors Inc. grew its stake in shares of South State Corporation by 46.6% in the 2nd quarter. Wasatch Advisors Inc. now owns 521,307 shares of the bank’s stock valued at $44,676,000 after buying an additional 165,801 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in shares of South State Corporation by 37.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 505,381 shares of the bank’s stock valued at $43,269,000 after buying an additional 138,626 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of South State Corporation by 15.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,537 shares of the bank’s stock valued at $217,000 after buying an additional 335 shares in the last quarter. Finally, Roberts Glore & Co. Inc. IL grew its stake in shares of South State Corporation by 6.6% in the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 2,440 shares of the bank’s stock valued at $209,000 after buying an additional 150 shares in the last quarter. 66.71% of the stock is owned by institutional investors and hedge funds.

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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