South State Corp (NASDAQ:SSB) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,640,000 shares, a decrease of 8.4% from the September 30th total of 1,790,000 shares. Approximately 5.0% of the company’s shares are sold short. Based on an average daily trading volume, of 141,000 shares, the short-interest ratio is currently 11.6 days.
Shares of SSB stock traded down $0.04 during trading hours on Friday, hitting $80.89. 94,700 shares of the company were exchanged, compared to its average volume of 132,638. The business’s 50-day simple moving average is $77.86 and its two-hundred day simple moving average is $74.84. South State has a one year low of $56.55 and a one year high of $83.64. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 14.71 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.97 and a current ratio of 0.98.
South State (NASDAQ:SSB) last announced its quarterly earnings results on Monday, October 28th. The bank reported $1.49 EPS for the quarter, beating the consensus estimate of $1.43 by $0.06. South State had a net margin of 25.53% and a return on equity of 8.22%. The company had revenue of $164.96 million for the quarter, compared to analyst estimates of $163.79 million. During the same quarter last year, the business earned $1.33 earnings per share. South State’s revenue was up 2.9% compared to the same quarter last year. As a group, analysts anticipate that South State will post 5.55 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend was Thursday, November 7th. This is a positive change from South State’s previous quarterly dividend of $0.43. South State’s dividend payout ratio (DPR) is currently 33.45%.
In related news, insider Keith S. Rainwater sold 519 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $82.00, for a total value of $42,558.00. Following the completion of the sale, the insider now directly owns 6,211 shares in the company, valued at approximately $509,302. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert R. Horger sold 8,339 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $75.00, for a total value of $625,425.00. Following the completion of the sale, the director now owns 75,231 shares of the company’s stock, valued at $5,642,325. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,083 shares of company stock valued at $1,590,368. Insiders own 2.05% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of South State by 35.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock valued at $57,000 after acquiring an additional 201 shares during the period. Holocene Advisors LP grew its position in South State by 7.0% in the second quarter. Holocene Advisors LP now owns 5,450 shares of the bank’s stock worth $402,000 after buying an additional 357 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management grew its position in South State by 10.4% in the third quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,083 shares of the bank’s stock worth $307,000 after buying an additional 386 shares during the last quarter. First National Bank of Omaha grew its position in South State by 1.8% in the third quarter. First National Bank of Omaha now owns 26,536 shares of the bank’s stock worth $1,998,000 after buying an additional 466 shares during the last quarter. Finally, Carroll Financial Associates Inc. grew its position in South State by 2.5% in the second quarter. Carroll Financial Associates Inc. now owns 20,884 shares of the bank’s stock worth $1,538,000 after buying an additional 517 shares during the last quarter. Institutional investors and hedge funds own 80.97% of the company’s stock.
Several analysts recently issued reports on the company. Stephens upgraded South State from an “underweight” rating to an “equal weight” rating in a report on Monday, November 4th. BidaskClub downgraded South State from a “buy” rating to a “hold” rating in a report on Saturday. SunTrust Banks increased their price target on South State from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Finally, ValuEngine cut shares of South State from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. South State presently has a consensus rating of “Hold” and a consensus price target of $77.33.
About South State
South State Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, trust and wealth management services, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, and ATM processing services.
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