South State Corporation (SSB) CEO Sells $232,425.10 in Stock
South State Corporation (NASDAQ:SSB) CEO Robert R. Hill, Jr. sold 2,831 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $82.10, for a total transaction of $232,425.10. Following the completion of the sale, the chief executive officer now directly owns 140,215 shares of the company’s stock, valued at $11,511,651.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
South State Corporation (SSB) traded down 0.36% during trading on Monday, hitting $82.05. 1,959 shares of the stock traded hands. The company’s 50 day moving average price is $83.35 and its 200 day moving average price is $86.30. South State Corporation has a 12 month low of $70.75 and a 12 month high of $93.40. The company has a market cap of $2.39 billion, a P/E ratio of 21.43 and a beta of 1.09.
South State Corporation (NASDAQ:SSB) last issued its quarterly earnings results on Friday, July 21st. The bank reported $1.18 EPS for the quarter, meeting analysts’ consensus estimates of $1.18. The firm had revenue of $136.61 million during the quarter, compared to the consensus estimate of $137 million. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. On average, equities research analysts anticipate that South State Corporation will post $4.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Friday, August 11th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Wednesday, August 9th. South State Corporation’s dividend payout ratio is presently 34.11%.
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A number of brokerages have commented on SSB. BidaskClub downgraded shares of South State Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Keefe, Bruyette & Woods upgraded shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 target price for the company in a report on Tuesday, July 25th. Stephens reiterated a “hold” rating on shares of South State Corporation in a report on Friday, May 12th. Zacks Investment Research downgraded shares of South State Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th. Finally, Brean Capital reiterated a “hold” rating on shares of South State Corporation in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. South State Corporation presently has an average rating of “Hold” and an average price target of $96.50.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Strs Ohio increased its position in South State Corporation by 116.7% in the first quarter. Strs Ohio now owns 1,300 shares of the bank’s stock worth $116,000 after buying an additional 700 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in South State Corporation by 47.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after buying an additional 497 shares in the last quarter. Bank of Montreal Can increased its position in South State Corporation by 2.2% in the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after buying an additional 34 shares in the last quarter. SG Americas Securities LLC increased its position in South State Corporation by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after buying an additional 20 shares in the last quarter. Finally, D.A. Davidson & CO. increased its position in South State Corporation by 48.5% in the second quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after buying an additional 614 shares in the last quarter. 66.71% of the stock is currently owned by institutional investors.
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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