South State Corporation (SSB) Releases Earnings Results, Beats Estimates By $0.02 EPS
South State Corporation (NASDAQ:SSB) posted its earnings results on Tuesday. The bank reported $1.22 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.02, Briefing.com reports. The firm had revenue of $136.36 million for the quarter, compared to the consensus estimate of $139.85 million. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The company’s revenue was up 17.0% on a year-over-year basis. During the same period last year, the firm posted $1.18 EPS.
South State Corporation (SSB) opened at 91.35 on Wednesday. The firm’s 50-day moving average is $87.50 and its 200 day moving average is $85.68. The stock has a market capitalization of $2.66 billion, a P/E ratio of 23.86 and a beta of 1.10. South State Corporation has a 12 month low of $70.75 and a 12 month high of $93.40.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 10th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.44%. The ex-dividend date is Thursday, November 9th. South State Corporation’s payout ratio is currently 34.11%.
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In other South State Corporation news, CEO Robert R. Hill, Jr. sold 2,831 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $82.10, for a total transaction of $232,425.10. Following the sale, the chief executive officer now directly owns 140,215 shares of the company’s stock, valued at $11,511,651.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joe E. Burns sold 500 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total transaction of $41,695.00. Following the sale, the insider now directly owns 39,947 shares in the company, valued at $3,331,180.33. The disclosure for this sale can be found here. Insiders have sold 3,581 shares of company stock worth $294,408 over the last three months. 2.78% of the stock is owned by corporate insiders.
A number of research analysts recently commented on the stock. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $98.00 target price on shares of South State Corporation in a research report on Thursday, October 12th. BidaskClub raised shares of South State Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 5th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $90.00 target price on shares of South State Corporation in a research report on Thursday, October 5th. Brean Capital reaffirmed a “hold” rating on shares of South State Corporation in a research report on Monday. Finally, Zacks Investment Research raised shares of South State Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $94.33.
South State Corporation Company Profile
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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