South State Corp (NASDAQ:SSB) declared a quarterly dividend on Tuesday, October 23rd, Wall Street Journal reports. Stockholders of record on Friday, November 9th will be paid a dividend of 0.36 per share by the bank on Friday, November 16th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Thursday, November 8th. This is an increase from South State’s previous quarterly dividend of $0.35.
South State has raised its dividend by an average of 45.3% annually over the last three years and has increased its dividend every year for the last 3 years. South State has a dividend payout ratio of 25.2% meaning its dividend is sufficiently covered by earnings. Analysts expect South State to earn $6.10 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 23.6%.
Shares of NASDAQ SSB opened at $70.51 on Wednesday. The company has a market capitalization of $2.52 billion, a PE ratio of 14.54 and a beta of 1.07. South State has a 52-week low of $61.26 and a 52-week high of $94.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.93 and a current ratio of 0.94.
South State (NASDAQ:SSB) last issued its quarterly earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.44 by ($0.11). The firm had revenue of $160.32 million during the quarter, compared to analyst estimates of $167.07 million. South State had a return on equity of 8.35% and a net margin of 19.08%. During the same quarter last year, the firm posted $1.22 EPS. On average, equities research analysts expect that South State will post 5.72 EPS for the current year.
In other South State news, Director Robert H. Demere, Jr. purchased 2,000 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was acquired at an average price of $63.12 per share, for a total transaction of $126,240.00. Following the purchase, the director now owns 44,360 shares of the company’s stock, valued at approximately $2,800,003.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.96% of the stock is owned by insiders.
A number of research analysts recently issued reports on SSB shares. BidaskClub downgraded shares of South State from a “hold” rating to a “sell” rating in a research report on Thursday, August 30th. ValuEngine downgraded shares of South State from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 24th. Stephens reiterated a “hold” rating and set a $95.00 target price on shares of South State in a research report on Tuesday, October 23rd. Zacks Investment Research downgraded shares of South State from a “hold” rating to a “sell” rating in a research report on Friday, August 3rd. Finally, Brean Capital reiterated a “hold” rating on shares of South State in a research report on Monday, July 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $88.40.
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South State Company Profile
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, 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, ATM processing, and wealth management and trust services.
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