BidaskClub cut shares of South State Corporation (NASDAQ:SSB) from a sell rating to a strong sell rating in a research report report published on Friday.

Other analysts have also issued reports about the stock. Stephens reiterated a hold rating on shares of South State Corporation in a research note on Friday, May 12th. Zacks Investment Research lowered shares of South State Corporation from a hold rating to a sell rating in a research note on Wednesday, July 26th. Keefe, Bruyette & Woods upgraded shares of South State Corporation from a market perform rating to an outperform rating and set a $95.00 price target on the stock in a research note on Tuesday, July 25th. Finally, Brean Capital reiterated a hold rating on shares of South State Corporation in a research note on Wednesday, August 2nd. One equities research 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. South State Corporation currently has a consensus rating of Hold and an average price target of $96.50.

South State Corporation (NASDAQ SSB) opened at 79.75 on Friday. South State Corporation has a one year low of $70.75 and a one year high of $93.40. The company has a market capitalization of $2.32 billion, a PE ratio of 20.83 and a beta of 1.08. The firm’s 50-day moving average is $82.34 and its 200 day moving average is $85.87.

South State Corporation (NASDAQ:SSB) last posted its earnings results on Friday, July 21st. The bank reported $1.18 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The company had revenue of $136.61 million for the quarter, compared to analysts’ expectations of $137 million. On average, equities analysts expect that South State Corporation will post $4.75 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Friday, August 11th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a yield of 1.66%. South State Corporation’s dividend payout ratio (DPR) is presently 34.11%.

In related news, CEO Robert R. Hill, Jr. sold 2,831 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $82.10, for a total transaction of $232,425.10. Following the sale, the chief executive officer now directly owns 140,215 shares in the company, valued at $11,511,651.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joe E. Burns sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total transaction of $41,695.00. Following the sale, the insider now owns 39,947 shares in the company, valued at $3,331,180.33. The disclosure for this sale can be found here. Insiders have sold 3,581 shares of company stock worth $294,408 over the last quarter. Insiders own 2.78% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. increased its stake in shares of South State Corporation by 12.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 106,232 shares of the bank’s stock worth $9,492,000 after buying an additional 11,460 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of South State Corporation by 0.4% during the first quarter. Goldman Sachs Group Inc. now owns 786,114 shares of the bank’s stock worth $70,239,000 after buying an additional 3,268 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of South State Corporation during the first quarter worth approximately $785,000. Swiss National Bank increased its stake in shares of South State Corporation by 14.6% during the first quarter. Swiss National Bank now owns 45,552 shares of the bank’s stock worth $4,070,000 after buying an additional 5,800 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of South State Corporation by 12.0% during the first quarter. Metropolitan Life Insurance Co. NY now owns 17,927 shares of the bank’s stock worth $1,602,000 after buying an additional 1,927 shares during the period. Hedge funds and other institutional investors own 66.71% of the company’s stock.

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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