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South State

Nasdaq:SSB
Snowflake Description

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

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SSB
Nasdaq
$3B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

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 last earnings update was 74 days ago. More info.


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SSB Share Price and Events
7 Day Returns
-0.1%
NasdaqGS:SSB
-0.2%
US Banks
1.1%
US Market
1 Year Returns
-13.4%
NasdaqGS:SSB
-5.9%
US Banks
4.7%
US Market
SSB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
South State (SSB) -0.1% 4.5% 2% -13.4% 5.8% 29.3%
US Banks -0.2% 2.8% -0.2% -5.9% 45.5% 46.9%
US Market 1.1% 4.3% 2.9% 4.7% 37.7% 43.6%
1 Year Return vs Industry and Market
  • SSB underperformed the Banks industry which returned -5.9% over the past year.
  • SSB underperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
SSB
Industry
5yr Volatility vs Market

Value

 Is South State undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of South State to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for South State.

NasdaqGS:SSB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $72.52 * 6.3%
$4.56
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $72.52
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:SSB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 21%) (37.39%))
0.845
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.845 * 5.96%)
7.76%

Discounted Cash Flow Calculation for NasdaqGS:SSB using Excess Returns Model Model

The calculations below outline how an intrinsic value for South State is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:SSB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.3% – 7.76%) * $72.52)
$-1.07
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-1.07 / (7.76% - 2.73%)
$-21.28
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $72.52 + $-21.28
$51.24
NasdaqGS:SSB Discount to Share Price
Calculation Result
Value per share (USD) From above. $51.24
Current discount Discount to share price of $75.32
= -1 x ($75.32 - $51.24) / $51.24
-47%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of South State is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for South State's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are South State's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:SSB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $4.99
NasdaqGS:SSB Share Price ** NasdaqGS (2019-07-16) in USD $75.32
United States of America Banks Industry PE Ratio Median Figure of 592 Publicly-Listed Banks Companies 12.77x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of South State.

NasdaqGS:SSB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:SSB Share Price ÷ EPS (both in USD)

= 75.32 ÷ 4.99

15.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • South State is overvalued based on earnings compared to the US Banks industry average.
  • South State is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does South State's expected growth come at a high price?
Raw Data
NasdaqGS:SSB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
0.8%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.26x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

NasdaqGS:SSB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.08x ÷ 0.8%

19.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • South State is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on South State's assets?
Raw Data
NasdaqGS:SSB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $67.38
NasdaqGS:SSB Share Price * NasdaqGS (2019-07-16) in USD $75.32
United States of America Banks Industry PB Ratio Median Figure of 592 Publicly-Listed Banks Companies 1.21x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
NasdaqGS:SSB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:SSB Share Price ÷ Book Value per Share (both in USD)

= 75.32 ÷ 67.38

1.12x

* Primary Listing of South State.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • South State is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess South State's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. South State has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is South State expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is South State expected to grow at an attractive rate?
  • South State's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • South State's earnings growth is positive but not above the United States of America market average.
  • South State's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:SSB Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:SSB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 0.8%
NasdaqGS:SSB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 2.7%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:SSB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:SSB Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 654 184 2
2019-12-31 639 183 2
NasdaqGS:SSB Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 632 215 181
2018-12-31 645 284 179
2018-09-30 641 274 132
2018-06-30 616 283 120
2018-03-31 576 262 112
2017-12-31 537 198 88
2017-09-30 505 173 109
2017-06-30 488 140 102
2017-03-31 469 132 95
2016-12-31 442 138 101
2016-09-30 448 150 103
2016-06-30 444 188 100

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • South State's earnings are expected to grow by 0.8% yearly, however this is not considered high growth (20% yearly).
  • South State's revenue is expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:SSB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from South State Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:SSB Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 5.46 5.67 5.25 2.00
2019-12-31 5.21 5.26 5.16 2.00
NasdaqGS:SSB Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 4.99
2018-12-31 4.90
2018-09-30 3.74
2018-06-30 3.59
2018-03-31 3.53
2017-12-31 2.95
2017-09-30 3.94
2017-06-30 3.86
2017-03-31 3.77
2016-12-31 4.22
2016-09-30 4.28
2016-06-30 4.16

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if South State will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess South State's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
South State has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has South State performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare South State's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • South State's year on year earnings growth rate has been positive over the past 5 years.
  • South State's 1-year earnings growth exceeds its 5-year average (62.1% vs 17.5%)
  • South State's earnings growth has exceeded the US Banks industry average in the past year (62.1% vs 40.7%).
Earnings and Revenue History
South State's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from South State Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:SSB Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 631.95 180.91 330.34
2018-12-31 645.18 178.87 335.56
2018-09-30 641.23 132.29 324.88
2018-06-30 616.02 120.25 308.98
2018-03-31 576.33 111.62 296.33
2017-12-31 537.13 87.55 276.92
2017-09-30 504.71 109.31 263.03
2017-06-30 488.39 102.36 256.01
2017-03-31 469.44 95.05 246.36
2016-12-31 441.53 101.28 235.40
2016-09-30 447.65 102.64 233.77
2016-06-30 443.69 99.69 230.45
2016-03-31 439.81 100.04 228.00
2015-12-31 437.46 99.47 226.74
2015-09-30 433.03 95.19 225.58
2015-06-30 424.04 89.37 225.35
2015-03-31 418.04 82.45 226.57
2014-12-31 414.47 74.36 226.06
2014-09-30 414.17 66.29 232.91
2014-06-30 405.72 58.47 226.26
2014-03-31 366.10 53.06 202.70
2013-12-31 325.20 47.87 179.90
2013-09-30 276.72 40.60 148.19
2013-06-30 234.49 38.15 127.37
2013-03-31 220.53 33.65 121.04
2012-12-31 204.06 30.03 116.77
2012-09-30 189.99 28.95 107.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • South State has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • South State used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if South State improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess South State's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
South State has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of South State's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from South State Company Filings, last reported 3 months ago.

NasdaqGS:SSB Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,376.48 903.36 950.02
2018-12-31 2,366.30 541.10 413.77
2018-09-30 2,368.14 405.16 317.02
2018-06-30 2,348.37 455.82 405.40
2018-03-31 2,322.58 579.26 651.62
2017-12-31 2,308.92 506.15 380.63
2017-09-30 1,632.83 374.93 403.38
2017-06-30 1,605.49 432.76 431.35
2017-03-31 1,579.90 460.85 662.58
2016-12-31 1,134.59 369.81 376.50
2016-09-30 1,124.13 361.23 506.77
2016-06-30 1,104.34 397.09 481.06
2016-03-31 1,082.05 368.04 696.43
2015-12-31 1,059.38 344.11 696.46
2015-09-30 1,048.31 316.67 888.08
2015-06-30 1,023.78 344.19 592.18
2015-03-31 1,007.56 333.39 629.43
2014-12-31 984.92 323.61 418.92
2014-09-30 967.00 333.34 501.72
2014-06-30 953.02 382.77 588.07
2014-03-31 934.16 357.03 611.26
2013-12-31 981.47 314.55 479.21
2013-09-30 970.03 336.19 643.72
2013-06-30 516.59 317.82 435.03
2013-03-31 514.21 384.74 493.92
2012-12-31 507.55 295.02 379.68
2012-09-30 433.92 273.72 276.46
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • South State has an acceptable proportion of non-loan assets held.
  • South State's liabilities are made up of primarily low risk sources of funding.
  • Loans at South State are broadly funded by customer deposits.
  • South State's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • South State has a sufficient allowance for bad loans.
  • South State has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess South State's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. South State has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.12%
Current annual income from South State dividends. Estimated to be 2.31% next year.
If you bought $2,000 of South State shares you are expected to receive $42 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • South State's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.42%).
  • South State's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:SSB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:SSB Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.84 4.00
2019-12-31 1.65 4.00
NasdaqGS:SSB Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-29 1.600 2.212
2019-02-13 1.520 2.163
2019-01-28 1.520 2.280
2018-11-02 1.400 2.147
2018-10-22 1.400 2.091
2018-08-03 1.400 1.716
2018-07-30 1.400 1.658
2018-05-04 1.360 1.528
2018-04-24 1.360 1.555
2017-10-24 1.320 1.493
2017-08-04 1.320 1.548
2017-07-21 1.320 1.576
2017-05-05 1.320 1.550
2017-04-21 1.320 1.478
2017-02-24 1.320 1.490
2017-01-27 1.320 1.493
2016-11-04 1.280 1.496
2016-10-21 1.280 1.769
2016-08-04 1.240 1.665
2016-07-22 1.240 1.690
2016-05-06 1.200 1.727
2016-04-22 1.200 1.720
2016-01-25 1.120 1.745
2016-01-22 1.120 1.729
2015-11-06 1.040 1.434
2015-10-23 1.040 1.319
2015-08-07 1.000 1.318
2015-07-24 1.000 1.292
2015-04-30 0.960 1.301
2015-02-27 0.920 1.348
2015-01-27 0.920 1.440
2014-10-28 0.880 1.399
2014-07-29 0.840 1.442
2014-04-28 0.800 1.360
2014-04-25 0.800 1.346
2014-01-28 0.760 1.244
2013-10-29 0.760 1.191
2013-07-26 0.760 1.372
2013-04-26 0.720 1.423
2012-10-26 0.720 1.670
2012-07-27 0.680 1.717
2012-04-27 0.680 1.986
2012-01-27 0.680 2.133
2011-10-28 0.680 2.345
2011-07-29 0.680 2.480
2011-04-29 0.680 2.352
2011-01-28 0.680 2.126
2010-10-22 0.680 2.157
2010-04-28 0.680 2.064
2010-01-28 0.680 1.851
2009-10-22 0.680 2.466
2009-07-24 0.680 2.598
2009-04-28 0.680 2.934
2009-01-22 0.680 3.062
2008-10-16 0.680 2.120
2008-07-17 0.680 1.951

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of South State's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess South State's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can South State afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. South State has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of South State's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Robert Hill
COMPENSATION $3,218,009
AGE 52
TENURE AS CEO 14.8 years
CEO Bio

Mr. Robert R. Hill, Jr., has been the Chief Executive Officer of South State Corporation (formerly, SCBT Financial Corp) since November 6, 2004. Mr. Hill serves as Chief Executive Officer of South State Bank (“Bank”) and served as its Chief Banking Officer. He served as the President of First Financial Holdings, Inc. from November, 2004 to July, 2013. He served as President and Chief Operating Officer of Bank from 1999 to November 6, 2004 and President of South State Corporation from November 2004 to July, 2013. He served as Interim Chief Executive Officer of SCBT Financial Corp. from October 2004 to November 2004. He served as the President and Chief Operating Officer of South Carolina Bank and Trust, N.A. since May 2000; Senior Executive Vice President and Chief Operating Officer of South Carolina Bank and Trust, N.A. from January 1999 to May 2000; President of South Carolina Bank and Trust of the Piedmont, N.A. from July 1996 to January 1999; Organizer of the South Carolina Bank and Trust of the Piedmont, N.A. from October 1995 to July 1996. He has been an Executive Director of South State Corporation since 1996. He has been a Director of Charlotte of Federal Reserve Bank of Richmond since January, 2011. He serves as a Director of Bank. He has been a Director of Federal Reserve Bank of Richmond since 2011. He earned his Undergraduate Degree at the Citadel and a Master's degree in Business Administration from the University of South Carolina.

CEO Compensation
  • Robert's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Robert's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the South State management team in years:

7.3
Average Tenure
55.5
Average Age
  • The average tenure for the South State management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Robert Hill

TITLE
CEO & Director
COMPENSATION
$3M
AGE
52
TENURE
14.8 yrs

John Pollok

TITLE
Senior EVP
COMPENSATION
$2M
AGE
53
TENURE
7.3 yrs

Renee Brooks

TITLE
Senior EVP & COO
COMPENSATION
$1M
AGE
49
TENURE
1 yrs

Joseph Burns

TITLE
Executive Officer
COMPENSATION
$960K
AGE
64
TENURE
0.5 yrs

James Mabry

TITLE
Executive Vice President of Investor Relations & Mergers-Acquisitions
AGE
60

Keith Rainwater

TITLE
Executive VP & Principal Accounting Officer
AGE
56

L. Westbrook

TITLE
Chief Risk Officer
AGE
56

Jonathan Kivett

TITLE
Chief Credit Officer
AGE
45

John Goettee

TITLE
President of South Carolina & Georgia Division
AGE
61

Greg Lapointe

TITLE
President of South State Bank
AGE
55
TENURE
9.3 yrs
Board of Directors Tenure

Average tenure and age of the South State board of directors in years:

8.4
Average Tenure
64
Average Age
  • The tenure for the South State board of directors is about average.
Board of Directors

Robert Horger

TITLE
Chairman of the Board
COMPENSATION
$210K
AGE
68
TENURE
21.5 yrs

Robert Hill

TITLE
CEO & Director
COMPENSATION
$3M
AGE
52
TENURE
23.5 yrs

Paula Bethea

TITLE
Vice Chairman of the Board
COMPENSATION
$100K
AGE
64
TENURE
6 yrs

John Pollok

TITLE
Senior EVP
COMPENSATION
$2M
AGE
53
TENURE
6.8 yrs

Kevin Walker

TITLE
Director
COMPENSATION
$120K
AGE
69
TENURE
8.8 yrs

Cynthia Hartley

TITLE
Director
COMPENSATION
$120K
AGE
70
TENURE
8 yrs

Martin Davis

TITLE
Director
COMPENSATION
$120K
AGE
55
TENURE
3.2 yrs

Jean Davis

TITLE
Director
COMPENSATION
$136K
AGE
63
TENURE
1.6 yrs

James Roquemore

TITLE
Director
COMPENSATION
$100K
AGE
64
TENURE
25.5 yrs

Thomas Suggs

TITLE
Director
COMPENSATION
$100K
AGE
69
TENURE
18.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by South State individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
10. Jun 19 Buy Robert Demere Individual 07. Jun 19 07. Jun 19 3,000 $68.40 $205,200
20. May 19 Sell Keith Rainwater Individual 16. May 19 16. May 19 -548 $73.60 $-40,333
06. May 19 Sell James Cherry Individual 03. May 19 03. May 19 -1,785 $75.96 $-135,589
01. Mar 19 Sell Keith Rainwater Individual 28. Feb 19 28. Feb 19 -500 $71.00 $-35,500
25. Feb 19 Sell John Windley Individual 22. Feb 19 22. Feb 19 -3,947 $71.01 $-280,276
04. Feb 19 Sell Robert Hill Individual 01. Feb 19 01. Feb 19 -9,892 $67.00 $-662,764
20. Dec 18 Buy Robert Demere Individual 20. Dec 18 20. Dec 18 1,000 $58.64 $58,640
17. Dec 18 Buy Paula Bethea Individual 14. Dec 18 14. Dec 18 1,000 $63.81 $63,810
20. Nov 18 Sell Joseph Burns Individual 19. Nov 18 20. Nov 18 -4,261 $69.95 $-295,043
26. Oct 18 Buy Robert Demere Individual 26. Oct 18 26. Oct 18 2,000 $63.12 $126,240
02. Aug 18 Buy Martin Davis Individual 01. Aug 18 01. Aug 18 1,000 $84.06 $84,031
X
Management checks
We assess South State's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. South State has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Did You Miss South State's (NASDAQ:SSB) 20% Share Price Gain?

Furthermore, you'd generally like to see the share price rise faster than the market But South State Corporation (NASDAQ:SSB) has fallen short of that second goal, with a share price rise of 20% over five years, which is below the market return. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … We note that for South State the TSR over the last 5 years was 30%, which is better than the share price return mentioned above.

Simply Wall St -

Need To Know: South State Corporation (NASDAQ:SSB) Insiders Have Been Selling Shares

Over the last year we saw more insider selling of South State shares, than buying. … South State Insiders Bought Stock Recently There was some insider buying at South State over the last quarter. … South State insiders own about US$31m worth of shares.

Simply Wall St -

Is South State Corporation (NASDAQ:SSB) Potentially Undervalued?

South State Corporation (NASDAQ:SSB), operating in the financial services industry based in United States, saw significant share price movement during recent months on the NASDAQGS, rising to highs of $76.24 and falling to the lows of $64.53. … It’s trading around 8.5% below my intrinsic value, which means if you buy South State today, you’d be paying a reasonable price for it. … Given that South State’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us an opportunity to buy later on.

Simply Wall St -

Why South State Corporation's (NASDAQ:SSB) High P/E Ratio Isn't Necessarily A Bad Thing

We'll apply a basic P/E ratio analysis to South State Corporation's (NASDAQ:SSB), to help you decide if the stock is worth further research. … See our latest analysis for South State How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for South State: P/E of 14.52 = $72.53 ÷ $4.99 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good?

Simply Wall St -

Is South State Corporation (NASDAQ:SSB) Overpaying Its CEO?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … See our latest analysis for South State … How Does Robert Hill's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Why These Fundamentals Make South State Corporation’s (NASDAQ:SSB) More Attractive

As a small-cap bank stock with a market capitalisation of US$2.6b, South State Corporation’s (NASDAQ:SSB) risk and profitability are largely determined by the underlying economic growth of the US regions in which it operates. … These reforms target banking regulations and intends to enhance financial institutions’ ability to absorb shocks resulting from economic stress which could expose banks like South State to vulnerabilities. … Low levels of leverage coupled with sufficient liquidity may place South State in a safe position in the face of adverse headwinds.

Simply Wall St -

How Does Investing In South State Corporation (NASDAQ:SSB) Impact The Volatility Of Your Portfolio?

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility).

Simply Wall St -

Could South State Corporation's (NASDAQ:SSB) Investor Composition Influence The Stock Price?

The big shareholder groups in South State Corporation (NASDAQ:SSB) have power over the company. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that used to be publicly owned tend to have lower insider ownership.

Simply Wall St -

Did Changing Sentiment Drive South State's (NASDAQ:SSB) Share Price Down By 25%?

Investors in South State Corporation (NASDAQ:SSB) have tasted that bitter downside in the last year, as the share price dropped 25%. … While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … Even though the South State share price is down over the year, its EPS actually improved.

Simply Wall St -

What Is South State Corporation's (NASDAQ:SSB) Share Price Doing?

South State Corporation (NASDAQ:SSB), operating in the financial services industry based in United States,. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s take a look at South State’s outlook and value based on the most recent financial data to see if the opportunity still exists.

Simply Wall St -

Company Info

Description

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. It serves customers through 168 financial centers in 29 South Carolina counties, 8 North Carolina counties, 17 Georgia counties, and 4 Virginia counties. The company was formerly known as First Financial Holdings, Inc. and changed its name to South State Corporation in July 2013. South State Corporation was founded in 1933 and is headquartered in Columbia, South Carolina.

Details
Name: South State Corporation
SSB
Exchange: NasdaqGS
Founded: 1933
$2,637,925,882
35,022,914
Website: http://www.southstatebank.com
Address: South State Corporation
520 Gervais Street,
Columbia,
South Carolina, 29201,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS SSB Common Shares Nasdaq Global Select US USD 28. Jan 1997
Number of employees
Current staff
Staff numbers
2,589
South State employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 23:54
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/07/09
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.