Zacks Investment Research Downgrades South State Corporation (SSB) to Sell
Zacks Investment Research lowered shares of South State Corporation (NASDAQ:SSB) from a hold rating to a sell rating in a report issued on Friday morning.
According to Zacks, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina. “
SSB has been the topic of a number of other research reports. BidaskClub raised South State Corporation from a buy rating to a strong-buy rating in a research report on Thursday, October 5th. SunTrust Banks, Inc. reaffirmed a buy rating and set a $98.00 price objective on shares of South State Corporation in a research report on Thursday, October 12th. Brean Capital reaffirmed a hold rating on shares of South State Corporation in a research report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reaffirmed a neutral rating and set a $90.00 price objective on shares of South State Corporation in a research report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $95.67.
Shares of South State Corporation (SSB) opened at 90.05 on Friday. South State Corporation has a one year low of $70.75 and a one year high of $93.85. The stock has a 50 day moving average price of $88.83 and a 200 day moving average price of $85.83. The stock has a market capitalization of $2.62 billion, a P/E ratio of 23.52 and a beta of 1.10.
South State Corporation (NASDAQ:SSB) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. South State Corporation had a return on equity of 9.15% and a net margin of 20.48%. The company had revenue of $136.36 million for the quarter, compared to analysts’ expectations of $139.85 million. During the same period in the prior year, the firm earned $1.18 earnings per share. The firm’s revenue was up 17.0% compared to the same quarter last year. Equities analysts forecast that South State Corporation will post $4.75 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Friday, November 10th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Thursday, November 9th. South State Corporation’s dividend payout ratio is currently 33.85%.
In other news, Director Robert R. Horger sold 21,252 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $91.89, for a total transaction of $1,952,846.28. Following the sale, the director now owns 75,084 shares of the company’s stock, valued at $6,899,468.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert R. Hill, Jr. sold 13,024 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $91.85, for a total value of $1,196,254.40. Following the sale, the chief executive officer now directly owns 133,121 shares in the company, valued at approximately $12,227,163.85. The disclosure for this sale can be found here. Insiders have sold 44,405 shares of company stock worth $4,048,478 in the last ninety days. Corporate insiders own 2.78% of the company’s stock.
A number of large investors have recently bought and sold shares of SSB. Ameriprise Financial Inc. increased its holdings in South State Corporation by 127.6% in the first quarter. Ameriprise Financial Inc. now owns 8,203 shares of the bank’s stock valued at $733,000 after buying an additional 4,599 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in South State Corporation by 1.0% in the first quarter. Parametric Portfolio Associates LLC now owns 21,714 shares of the bank’s stock valued at $1,940,000 after buying an additional 215 shares during the last quarter. Prudential Financial Inc. increased its holdings in South State Corporation by 0.8% in the first quarter. Prudential Financial Inc. now owns 16,650 shares of the bank’s stock valued at $1,488,000 after buying an additional 130 shares during the last quarter. Alliancebernstein L.P. increased its holdings in South State Corporation by 5.4% in the first quarter. Alliancebernstein L.P. now owns 41,562 shares of the bank’s stock valued at $3,714,000 after buying an additional 2,144 shares during the last quarter. Finally, Teachers Advisors LLC increased its holdings in South State Corporation by 11.3% in the first quarter. Teachers Advisors LLC now owns 83,870 shares of the bank’s stock valued at $7,494,000 after buying an additional 8,518 shares during the last quarter. 66.57% 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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