South State (SSB) Lowered to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of South State (NASDAQ:SSB) from a sell rating to a strong sell rating in a research report sent to investors on Saturday.

SSB has been the subject of a number of other research reports. Zacks Investment Research raised shares of South State from a sell rating to a hold rating in a report on Tuesday, August 28th. Brean Capital reaffirmed a hold rating on shares of South State in a report on Monday, August 6th. ValuEngine cut shares of South State from a hold rating to a sell rating in a report on Tuesday, July 31st. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $90.00 price objective on shares of South State in a report on Monday, August 6th. Finally, FIG Partners cut shares of South State from an outperform rating to a market perform rating in a report on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $93.20.

Shares of South State stock opened at $81.50 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.94 and a quick ratio of 0.93. South State has a 1 year low of $79.85 and a 1 year high of $94.50. The firm has a market cap of $2.96 billion, a P/E ratio of 15.04, a price-to-earnings-growth ratio of 1.75 and a beta of 0.94.

South State (NASDAQ:SSB) last issued its earnings results on Monday, July 30th. The bank reported $1.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.04). South State had a return on equity of 8.41% and a net margin of 18.27%. The business had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $177.03 million. During the same period last year, the business earned $1.18 EPS. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. equities analysts anticipate that South State will post 5.72 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 24th. Shareholders of record on Friday, August 17th were issued a $0.35 dividend. This is a boost from South State’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, August 16th. This represents a $1.40 dividend on an annualized basis and a yield of 1.72%. South State’s payout ratio is presently 28.87%.

In other news, Director Martin Bernard Davis acquired 1,000 shares of the business’s stock in a transaction on Wednesday, August 1st. The stock was bought at an average price of $84.03 per share, with a total value of $84,030.00. Following the completion of the acquisition, the director now owns 1,820 shares of the company’s stock, valued at $152,934.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.96% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of South State by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,429,842 shares of the bank’s stock valued at $123,326,000 after purchasing an additional 39,934 shares during the period. Swiss National Bank grew its position in shares of South State by 3.2% in the first quarter. Swiss National Bank now owns 64,002 shares of the bank’s stock valued at $5,459,000 after purchasing an additional 2,000 shares during the period. UBS Group AG grew its position in shares of South State by 109.3% in the first quarter. UBS Group AG now owns 1,877 shares of the bank’s stock valued at $160,000 after purchasing an additional 980 shares during the period. Xact Kapitalforvaltning AB grew its position in shares of South State by 17.8% in the second quarter. Xact Kapitalforvaltning AB now owns 5,951 shares of the bank’s stock valued at $513,000 after purchasing an additional 900 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in shares of South State by 6.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 178,973 shares of the bank’s stock valued at $15,267,000 after purchasing an additional 10,831 shares during the period. Institutional investors and hedge funds own 73.91% of the company’s stock.

About South State

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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Analyst Recommendations for South State (NASDAQ:SSB)

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