South State Corp (NASDAQ:SSB) Increases Dividend to $0.46 Per Share

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South State Corp (NASDAQ:SSB) declared a quarterly dividend on Monday, October 28th, Zacks reports. Investors of record on Friday, November 8th will be given a dividend of 0.46 per share by the bank on Friday, November 15th. This represents a $1.84 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, November 7th. This is a boost from South State’s previous quarterly dividend of $0.43.

NASDAQ:SSB traded up $0.36 during mid-day trading on Tuesday, reaching $82.13. The stock had a trading volume of 7,292 shares, compared to its average volume of 122,950. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 14.94 and a beta of 1.34. South State has a 1-year low of $56.55 and a 1-year high of $82.01. The stock’s 50 day simple moving average is $76.85 and its two-hundred day simple moving average is $74.43. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.99 and a quick ratio of 0.98.

South State (NASDAQ:SSB) last posted its quarterly earnings results on Monday, October 28th. The bank reported $1.49 EPS for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.06. The business had revenue of $164.96 million during the quarter, compared to the consensus estimate of $163.79 million. South State had a return on equity of 8.20% and a net margin of 25.53%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $1.33 earnings per share. Sell-side analysts anticipate that South State will post 5.49 EPS for the current fiscal year.

In other South State news, Director Robert R. Horger sold 8,339 shares of South State stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $75.00, for a total value of $625,425.00. Following the completion of the transaction, the director now directly owns 75,231 shares in the company, valued at $5,642,325. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James W. Roquemore sold 4,791 shares of South State stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $76.15, for a total value of $364,834.65. Following the completion of the transaction, the director now owns 37,515 shares of the company’s stock, valued at $2,856,767.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,564 shares of company stock valued at $1,547,810. 2.05% of the stock is currently owned by insiders.

A number of equities analysts recently commented on the company. SunTrust Banks lifted their price target on South State from $88.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. ValuEngine downgraded South State from a “hold” rating to a “sell” rating in a research note on Monday, October 21st. BidaskClub upgraded South State from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Stephens upgraded South State from an “underweight” rating to an “equal weight” rating in a research note on Monday. Finally, Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. South State has a consensus rating of “Hold” and a consensus target price of $77.33.

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 services, 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, and ATM processing services.

See Also: What does a neutral rating on stocks mean?

Dividend History for South State (NASDAQ:SSB)

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