Stock Analysis Report

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Last Updated

2021/08/03 23:26 UTC

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Company Financials +

Executive Summary

South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products. More Details

Snowflake Analysis

Flawless balance sheet with solid track record and pays a dividend.

Similar Companies

Share Price & News

How has South State's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: SSB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: SSB's weekly volatility (5%) has been stable over the past year.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: SSB underperformed the US Banks industry which returned 58.2% over the past year.

Return vs Market: SSB exceeded the US Market which returned 34.4% over the past year.

Shareholder returns

7 Day0.5%1.2%0.9%
30 Day-13.2%-2.6%0.2%
90 Day-19.5%-5.6%4.7%
1 Year45.2%41.4%66.0%61.5%36.8%34.7%
3 Year-9.6%-16.0%18.3%8.1%62.5%52.4%
5 Year6.6%-4.0%91.4%67.4%123.1%98.4%

Long-Term Price Volatility Vs. Market

How volatile is South State's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is South State undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: SSB ($70.08) is trading below our estimate of fair value ($146.55)

Significantly Below Fair Value: SSB is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: SSB is poor value based on its PE Ratio (11.6x) compared to the US Banks industry average (10.7x).

PE vs Market: SSB is good value based on its PE Ratio (11.6x) compared to the US market (17.9x).

Price to Earnings Growth Ratio

PEG Ratio: SSB is poor value based on its PEG Ratio (2.5x)

Price to Book Ratio

PB vs Industry: SSB's PB Ratio (1x) is in line with the US Banks industry average.

Future Growth

How is South State forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SSB's forecast earnings growth (4.7% per year) is above the savings rate (2%).

Earnings vs Market: SSB's earnings (4.7% per year) are forecast to grow slower than the US market (15% per year).

High Growth Earnings: SSB's earnings are forecast to grow, but not significantly.

Revenue vs Market: SSB's revenue (5.6% per year) is forecast to grow slower than the US market (9.2% per year).

High Growth Revenue: SSB's revenue (5.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SSB's Return on Equity is forecast to be low in 3 years time (9.8%).

Past Performance

How has South State performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SSB has high quality earnings.

Growing Profit Margin: SSB's current net profit margins (28.3%) are higher than last year (7.6%).

Past Earnings Growth Analysis

Earnings Trend: SSB's earnings have grown by 19% per year over the past 5 years.

Accelerating Growth: SSB's earnings growth over the past year (972.9%) exceeds its 5-year average (19% per year).

Earnings vs Industry: SSB earnings growth over the past year (972.9%) exceeded the Banks industry 35.1%.

Return on Equity

High ROE: SSB's Return on Equity (9%) is considered low.

Financial Health

How is South State's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: SSB's Assets to Equity ratio (8.5x) is low.

Allowance for Bad Loans: SSB has a sufficient allowance for bad loans (409%).

Low Risk Liabilities: 93% of SSB's liabilities are made up of primarily low risk sources of funding.

Loan Level: SSB has an appropriate level of Loans to Assets ratio (59%).

Low Risk Deposits: SSB's Loans to Deposits ratio (71%) is appropriate.

Level of Bad Loans: SSB has an appropriate level of bad loans (0.4%).


What is South State current dividend yield, its reliability and sustainability?


Current Dividend Yield

Upcoming Dividend Payment

TodayAug 04 2021Ex Dividend DateAug 11 2021Dividend Pay DateAug 19 20218 days from Ex DividendBuy in the next 7 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: SSB's dividend (2.8%) is higher than the bottom 25% of dividend payers in the US market (1.32%).

High Dividend: SSB's dividend (2.8%) is low compared to the top 25% of dividend payers in the US market (3.57%).

Stability and Growth of Payments

Stable Dividend: SSB's dividends per share have been stable in the past 10 years.

Growing Dividend: SSB's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (31.6%), SSB's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: SSB's dividends in 3 years are forecast to be well covered by earnings (31.4% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


John Corbett (52 yo)





Mr. John C. Corbett has been the Chief Executive Officer and Director at South State Corporation since June 7, 2020. Mr. Corbett serves as the Chief Executive officer and Director of South State Bank, Nati...

CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD2.06M) is below average for companies of similar size in the US market ($USD6.51M).

Compensation vs Earnings: Insufficient data to compare John's compensation with company performance.

Leadership Team

Experienced Management: SSB's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.

Board Members

Experienced Board: SSB's board of directors are considered experienced (4.5 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: SSB insiders have sold more shares than they have bought in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

South State Corporation's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: South State Corporation
  • Ticker: SSB
  • Exchange: NasdaqGS
  • Founded: 1933
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$4.914b
  • Shares outstanding: 70.11m
  • Website:

Number of Employees


  • South State Corporation
  • 1101 First Street South
  • Suite 202
  • Winter Haven
  • Florida
  • 33880
  • United States



South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products. The company accepts checking accounts, savings deposits, interest-b...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/08/03 23:26
End of Day Share Price2021/08/03 00:00
Annual Earnings2020/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.