South State (SSB) Declares $0.50 Dividend

South State said on January 26, 2023 that its board of directors declared a regular quarterly dividend of $0.50 per share ($2.00 annualized). Shareholders of record as of February 9, 2023 will receive the payment on February 17, 2023. Previously, the company paid $0.50 per share.

At the most recent share price of $76.41 / share, the stock's dividend yield was 2.62%.

Additionally, the company's dividend payout ratio is 0.31. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.06%, demonstrating that it has increased its dividend over time.

Analyst Price Forecast Suggests 33.68% Upside

As of January 31, 2023, the average one-year price target for South State is $102.15. The forecasts range from a low of $95.95 to a high of $115.50. The average price target represents an increase of 33.68% from its latest reported closing price of $76.41.

The projected annual revenue for South State is $1,869MM, an increase of 19.57%. The projected annual EPS is $8.41, an increase of 26.34%.

Fund Sentiment

There are 710 funds or institutions reporting positions in South State. This is an increase of 39 owner(s) or 5.81%.

Average portfolio weight of all funds dedicated to US:SSB is 0.3618%, an increase of 6.5902%. Total shares owned by institutions decreased in the last three months by 3.26% to 75,954K shares.

What are large shareholders doing?

Select Equity Group holds 3,284,607 shares representing 4.34% ownership of the company. In it's prior filing, the firm reported owning 3,325,978 shares, representing a decrease of 1.26%. The firm increased its portfolio allocation in SSB by 10.30% over the last quarter.

T. Rowe Price Investment Management holds 3,145,098 shares representing 4.16% ownership of the company.

Victory Capital Management holds 2,641,167 shares representing 3.49% ownership of the company. In it's prior filing, the firm reported owning 2,510,816 shares, representing an increase of 4.94%. The firm increased its portfolio allocation in SSB by 10.50% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,258,138 shares representing 2.99% ownership of the company. In it's prior filing, the firm reported owning 2,224,524 shares, representing an increase of 1.49%. The firm increased its portfolio allocation in SSB by 8.52% over the last quarter.

NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 1,921,061 shares representing 2.54% ownership of the company. In it's prior filing, the firm reported owning 1,904,815 shares, representing an increase of 0.85%. The firm increased its portfolio allocation in SSB by 7.85% over the last quarter.

SouthState Background Information
(This description is provided by the company.)

SouthState Corporation is a financial services company headquartered in Winter Haven, Florida. South State Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division.

This story originally appeared on Fintel.