South State Co. (NASDAQ:SSB) insider Keith S. Rainwater sold 315 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $91.00, for a total value of $28,665.00. Following the transaction, the insider now directly owns 5,013 shares in the company, valued at $456,183. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of South State Co. (SSB) opened at $86.75 on Wednesday. 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 Co. has a 12 month low of $78.60 and a 12 month high of $94.50. The stock has a market cap of $3,176.03, a PE ratio of 17.81, a PEG ratio of 1.86 and a beta of 1.05.
South State (NASDAQ:SSB) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.11. The firm had revenue of $151.37 million for the quarter, compared to analyst estimates of $147.91 million. South State had a net margin of 15.22% and a return on equity of 9.04%. South State’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same period last year, the company posted $1.15 EPS. research analysts predict that South State Co. will post 5.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Friday, February 9th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, February 8th. South State’s dividend payout ratio is presently 44.30%.
SSB has been the topic of several research reports. SunTrust Banks reissued a “buy” rating and issued a $107.00 target price on shares of South State in a research report on Wednesday, November 29th. Brean Capital reaffirmed a “hold” rating on shares of South State in a report on Wednesday, December 6th. BidaskClub lowered shares of South State from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Finally, Zacks Investment Research raised shares of South State from a “sell” rating to a “hold” rating in a report on Wednesday, December 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $98.75.
Institutional investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in South State by 63.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock valued at $152,000 after buying an additional 675 shares in the last quarter. D.A. Davidson & CO. lifted its stake in South State by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock valued at $161,000 after buying an additional 614 shares in the last quarter. Bank of Montreal Can lifted its stake in South State by 38.7% in the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock valued at $187,000 after buying an additional 600 shares in the last quarter. TNB Financial acquired a new stake in South State in the 4th quarter valued at about $200,000. Finally, Teacher Retirement System of Texas acquired a new stake in South State in the 3rd quarter valued at about $207,000. 56.83% of the stock is currently owned by hedge funds and other institutional investors.
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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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