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

BidaskClub cut shares of South State (NASDAQ:SSB) from a hold rating to a sell rating in a research report released on Thursday morning.

A number of other equities research analysts have also recently issued reports on the company. Zacks Investment Research cut South State from a hold rating to a strong sell rating in a research note on Saturday, November 17th. ValuEngine upgraded South State from a strong sell rating to a sell rating in a research note on Wednesday, November 21st. Stephens reiterated a sell rating and set a $57.00 price objective on shares of South State in a research note on Friday, December 14th. Finally, Brean Capital reiterated a hold rating on shares of South State in a research note on Monday, January 28th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. South State currently has a consensus rating of Hold and a consensus target price of $80.80.

Shares of SSB stock traded up $0.23 on Thursday, reaching $70.68. The company had a trading volume of 668 shares, compared to its average volume of 195,138. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $2.49 billion, a PE ratio of 12.85 and a beta of 1.23. South State has a 12 month low of $56.55 and a 12 month high of $93.25.

South State (NASDAQ:SSB) last issued its quarterly earnings data on Monday, January 28th. The bank reported $1.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.03. South State had a return on equity of 8.59% and a net margin of 24.99%. The business had revenue of $162.03 million during the quarter, compared to analyst estimates of $160.79 million. During the same period in the previous year, the firm earned $1.30 EPS. As a group, research analysts anticipate that South State will post 5.39 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 22nd. Investors of record on Friday, February 15th were paid a $0.38 dividend. The ex-dividend date was Thursday, February 14th. This is a positive change from South State’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 2.15%. South State’s dividend payout ratio (DPR) is 27.64%.

In other news, insider Keith S. Rainwater sold 500 shares of South State stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $71.00, for a total transaction of $35,500.00. Following the sale, the insider now directly owns 6,146 shares of the company’s stock, valued at $436,366. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President John F. Windley sold 3,947 shares of the firm’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $71.01, for a total value of $280,276.47. Following the transaction, the president now owns 39,021 shares of the company’s stock, valued at $2,770,881.21. The disclosure for this sale can be found here. Insiders have sold 14,339 shares of company stock worth $978,540 over the last three months. Insiders own 2.05% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of SSB. Bank of New York Mellon Corp increased its holdings in South State by 9.4% in the second quarter. Bank of New York Mellon Corp now owns 678,187 shares of the bank’s stock worth $58,493,000 after purchasing an additional 58,095 shares in the last quarter. First Trust Advisors LP increased its holdings in South State by 84.6% in the third quarter. First Trust Advisors LP now owns 96,290 shares of the bank’s stock worth $7,896,000 after purchasing an additional 44,128 shares in the last quarter. Wells Fargo & Company MN grew its stake in South State by 44.8% in the third quarter. Wells Fargo & Company MN now owns 589,809 shares of the bank’s stock valued at $48,364,000 after acquiring an additional 182,406 shares during the period. Gamco Investors INC. ET AL grew its stake in South State by 75.0% in the third quarter. Gamco Investors INC. ET AL now owns 7,000 shares of the bank’s stock valued at $574,000 after acquiring an additional 3,000 shares during the period. Finally, American Century Companies Inc. acquired a new stake in South State in the third quarter valued at approximately $13,574,000. Institutional investors own 74.93% of the company’s stock.

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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Analyst Recommendations for South State (NASDAQ:SSB)

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