South State Corporation (NASDAQ:SSB) Director Robert R. Horger sold 21,252 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $91.89, for a total transaction of $1,952,846.28. Following the completion of the sale, the director now owns 75,084 shares in the company, valued at $6,899,468.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
South State Corporation (NASDAQ:SSB) opened at $88.50 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $2,576.43, a P/E ratio of 18.71, a P/E/G ratio of 2.32 and a beta of 1.09. South State Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $93.85.
South State Corporation (NASDAQ:SSB) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.02. The business had revenue of $136.36 million during the quarter, compared to the consensus estimate of $139.85 million. South State Corporation had a return on equity of 8.85% and a net margin of 20.48%. The company’s revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.18 earnings per share. equities analysts anticipate that South State Corporation will post 4.74 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Friday, November 10th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Thursday, November 9th. South State Corporation’s payout ratio is currently 33.85%.
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Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of South State Corporation by 1.8% in the second quarter. Vanguard Group Inc. now owns 2,227,745 shares of the bank’s stock valued at $190,918,000 after acquiring an additional 38,733 shares during the period. BlackRock Inc. lifted its holdings in shares of South State Corporation by 4.9% during the second quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock worth $170,684,000 after purchasing an additional 92,562 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of South State Corporation by 23.1% during the third quarter. Victory Capital Management Inc. now owns 1,070,254 shares of the bank’s stock worth $96,376,000 after purchasing an additional 201,107 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of South State Corporation by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,016,792 shares of the bank’s stock worth $91,561,000 after purchasing an additional 58,525 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of South State Corporation by 22.9% during the second quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock worth $82,766,000 after purchasing an additional 179,644 shares during the period. 67.38% of the stock is owned by institutional investors and hedge funds.
A number of analysts have issued reports on the stock. BidaskClub upgraded shares of South State Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday. 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. Piper Jaffray Companies reiterated a “neutral” rating and set a $90.00 price target on shares of South State Corporation in a research note on Thursday, October 5th. 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. Finally, Brean Capital restated a “hold” rating on shares of South State Corporation in a research note on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. South State Corporation presently has a consensus rating of “Hold” and an average price target of $95.67.
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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