South State Corp (SSB) Declares Quarterly Dividend of $0.40

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.

South State (NASDAQ:SSB) last issued its quarterly earnings results on Monday, April 29th. The bank reported $1.26 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.26. South State had a return on equity of 8.28% and a net margin of 25.49%. The business had revenue of $155.33 million for the quarter, compared to analyst estimates of $158.86 million. During the same quarter in the previous year, the firm earned $1.39 earnings per share. Sell-side analysts predict that South State will post 5.34 EPS for the current year.

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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Dividend History for South State (NASDAQ:SSB)

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