South State Corp (NASDAQ:SSB) Raises Dividend to $0.43 Per Share

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.

South State (NASDAQ:SSB) last announced its quarterly earnings data on Monday, July 29th. The bank reported $1.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.08. South State had a return on equity of 8.27% and a net margin of 25.49%. The business had revenue of $164.80 million during the quarter, compared to analyst estimates of $159.75 million. During the same period last year, the company earned $1.43 earnings per share. On average, analysts anticipate that South State will post 5.33 EPS for the current fiscal year.

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.

Further Reading: Straddles

Dividend History for South State (NASDAQ:SSB)

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