South State Co. (NASDAQ:SSB) – Research analysts at SunTrust Banks lifted their FY2017 EPS estimates for shares of South State in a research note issued on Monday, according to Zacks Investment Research. SunTrust Banks analyst J. Demba now expects that the bank will post earnings of $4.72 per share for the year, up from their prior estimate of $4.71. SunTrust Banks currently has a “Buy” rating and a $108.00 price target on the stock. SunTrust Banks also issued estimates for South State’s Q4 2017 earnings at $1.18 EPS, Q1 2018 earnings at $1.27 EPS, Q2 2018 earnings at $1.40 EPS, Q3 2018 earnings at $1.50 EPS, Q4 2018 earnings at $1.49 EPS, FY2018 earnings at $5.66 EPS and FY2019 earnings at $6.50 EPS.
South State (NASDAQ:SSB) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 EPS for the quarter, beating the consensus estimate of $1.19 by $0.11. The firm had revenue of $151.37 million during the quarter, compared to the consensus estimate of $147.91 million. South State had a net margin of 15.22% and a return on equity of 9.04%. South State’s revenue for the quarter was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 EPS.
A number of other equities analysts also recently commented on the stock. Brean Capital restated a “hold” rating on shares of South State in a research report on Tuesday, January 23rd. Zacks Investment Research raised shares of South State from a “hold” rating to a “strong-buy” rating and set a $102.00 price target on the stock in a research note on Thursday, January 11th. Finally, BidaskClub cut shares of South State from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $98.75.
Shares of South State (NASDAQ:SSB) traded up $0.90 during trading on Wednesday, reaching $89.50. 142,160 shares of the company’s stock were exchanged, compared to its average volume of 147,035. The stock has a market cap of $3,260.00, a P/E ratio of 18.31, a P/E/G ratio of 1.91 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.92 and a current ratio of 0.93. South State has a 52 week low of $78.60 and a 52 week high of $94.50.
A number of hedge funds and other institutional investors have recently modified their holdings of SSB. SG Americas Securities LLC grew its stake in South State by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after acquiring an additional 20 shares during the last quarter. Legal & General Group Plc grew its stake in South State by 8.7% in the 2nd quarter. Legal & General Group Plc now owns 9,902 shares of the bank’s stock valued at $849,000 after acquiring an additional 789 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in South State by 435.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,538 shares of the bank’s stock valued at $303,000 after acquiring an additional 2,877 shares during the last quarter. Federated Investors Inc. PA acquired a new stake in shares of South State during the 2nd quarter worth about $1,553,000. Finally, Principal Financial Group Inc. boosted its stake in shares of South State by 66.0% during the 2nd quarter. Principal Financial Group Inc. now owns 5,208 shares of the bank’s stock worth $446,000 after purchasing an additional 2,070 shares during the last quarter. 56.07% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director James C. Cherry sold 11,507 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $88.52, for a total value of $1,018,599.64. Following the sale, the director now directly owns 11,500 shares of the company’s stock, valued at approximately $1,017,980. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James C. Cherry sold 16,255 shares of the stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total transaction of $1,446,857.55. Following the completion of the sale, the director now directly owns 23,007 shares in the company, valued at $2,047,853.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,020 shares of company stock worth $3,125,427. Corporate insiders own 2.78% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Friday, February 9th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.47%. South State’s dividend payout ratio (DPR) is presently 27.22%.
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About South State
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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