South State Corporation (SSB) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of South State Corporation (NASDAQ:SSB) from a sell rating to a hold rating in a research note released on Friday.

SSB has been the topic of several other reports. Zacks Investment Research raised South State Corporation from a sell rating to a hold rating in a research note on Thursday, June 22nd. Brean Capital reaffirmed a hold rating on shares of South State Corporation in a research note on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods raised South State Corporation from a market perform rating to an outperform rating and set a $95.00 price objective on the stock in a research note on Tuesday, July 25th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $96.50.

Shares of South State Corporation (NASDAQ:SSB) traded down 1.40% on Friday, reaching $80.95. 400,038 shares of the company traded hands. South State Corporation has a one year low of $70.75 and a one year high of $93.40. The firm’s 50 day moving average is $82.10 and its 200 day moving average is $85.57. The company has a market capitalization of $2.36 billion, a P/E ratio of 21.15 and a beta of 1.08.

South State Corporation (NASDAQ:SSB) last released its quarterly earnings data on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, meeting the consensus estimate of $1.18. The business had revenue of $136.61 million for the quarter, compared to analyst estimates of $137.00 million. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. Analysts expect that South State Corporation will post $4.75 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Friday, August 11th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Wednesday, August 9th. South State Corporation’s payout ratio is 34.11%.

In other news, insider Joe E. Burns sold 500 shares of South State Corporation stock in a transaction dated 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 directly owns 39,947 shares of the company’s stock, valued at $3,331,180.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of South State Corporation stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $82.10, for a total value 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 disclosure for this sale can be found here. Insiders have sold 3,581 shares of company stock worth $294,408 over the last three months. Insiders own 2.78% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Strs Ohio boosted its stake in shares of South State Corporation by 116.7% during the first quarter. Strs Ohio now owns 1,300 shares of the bank’s stock valued at $116,000 after purchasing an additional 700 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of South State Corporation by 47.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock valued at $132,000 after purchasing an additional 497 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of South State Corporation by 2.2% during the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after purchasing an additional 34 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of South State Corporation by 1.3% during the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after purchasing an additional 20 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its stake in shares of South State Corporation by 48.5% during the second quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock valued at $161,000 after purchasing an additional 614 shares in the last quarter. 66.71% of the stock is currently owned by hedge funds and other institutional investors.

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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