South State Corp (NASDAQ:SSB) announced a quarterly dividend on Tuesday, April 30th, Wall Street Journal reports. Stockholders of record on Friday, May 10th will be paid a dividend of 0.40 per share by the bank on Friday, May 17th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Thursday, May 9th. This is a boost from South State’s previous quarterly dividend of $0.38.
South State has increased its dividend payment by an average of 12.1% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. South State has a dividend payout ratio of 26.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect South State to earn $5.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 26.8%.
Shares of SSB stock opened at $75.30 on Wednesday. South State has a fifty-two week low of $56.55 and a fifty-two week high of $93.25. The stock has a market cap of $2.66 billion, a PE ratio of 13.69 and a beta of 1.25. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.96.
In other South State news, Director James C. Cherry sold 1,785 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $75.96, for a total value of $135,588.60. Following the completion of the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at $531,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President John F. Windley sold 3,947 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $71.01, for a total value of $280,276.47. Following the completion of the transaction, the president now directly 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 sold 6,232 shares of company stock valued at $451,365 over the last three months. 2.05% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently commented on the company. Brean Capital reiterated a “hold” rating on shares of South State in a research report on Monday, January 14th. BidaskClub upgraded South State from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 16th. TheStreet upgraded South State from a “c+” rating to a “b-” rating in a research report on Tuesday, March 19th. Finally, Zacks Investment Research upgraded South State from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $78.40.
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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.
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