South State Corp (NASDAQ:SSB) announced a quarterly dividend on Monday, July 29th, NASDAQ reports. Stockholders of record on Friday, August 9th will be paid a dividend of 0.43 per share by the bank on Friday, August 16th. This represents a $1.72 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Thursday, August 8th. This is a boost from South State’s previous quarterly dividend of $0.40.
South State has raised its dividend by an average of 12.1% annually over the last three years and has raised its dividend every year for the last 4 years. South State has a dividend payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect South State to earn $5.70 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 28.1%.
Shares of NASDAQ:SSB traded up $0.40 during midday trading on Wednesday, hitting $79.23. 399 shares of the stock were exchanged, compared to its average volume of 142,128. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.26. South State has a 52-week low of $56.55 and a 52-week high of $86.05. The stock’s fifty day moving average is $74.44. The company has a market cap of $2.75 billion, a P/E ratio of 14.42 and a beta of 1.32.
Several analysts recently issued reports on the company. SunTrust Banks increased their price objective on Mcdonald’s to $230.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Zacks Investment Research upgraded GCP Applied Technologies from a “sell” rating to a “hold” rating in a report on Friday, May 31st. BidaskClub lowered Woodward, Inc.Common Stock from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, ValuEngine lowered United Rentals from a “sell” rating to a “strong sell” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. South State has a consensus rating of “Hold” and a consensus target price of $78.40.
In other news, Director James C. Cherry sold 1,785 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $75.96, for a total value of $135,588.60. Following the sale, the director now directly owns 7,000 shares of the company’s stock, valued at $531,720. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert H. Demere, Jr. purchased 3,000 shares of the stock in a transaction dated Friday, June 7th. The stock was acquired at an average cost of $68.40 per share, for a total transaction of $205,200.00. Following the completion of the transaction, the director now owns 49,081 shares of the company’s stock, valued at approximately $3,357,140.40. The disclosure for this purchase can be found here. 2.05% of the stock is owned by company insiders.
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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