NasdaqGS:SSB

Stock Analysis Report

Executive Summary

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.

Snowflake

Fundamentals

Flawless balance sheet with proven 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


Market Performance


7 Day Return

1.9%

SSB

2.7%

US Banks

0.5%

US Market


1 Year Return

3.3%

SSB

2.9%

US Banks

6.8%

US Market

Return vs Industry: SSB matched the US Banks industry which returned 2.9% over the past year.

Return vs Market: SSB underperformed the US Market which returned 6.8% over the past year.


Shareholder returns

SSBIndustryMarket
7 Day1.9%2.7%0.5%
30 Day1.9%1.1%-0.8%
90 Day2.8%2.7%-0.9%
1 Year5.6%3.3%5.8%2.9%9.2%6.8%
3 Year12.0%6.1%52.0%41.5%45.6%36.2%
5 Year44.6%33.0%69.2%50.7%63.2%45.4%

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

Valuation

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

15.27x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SSB ($77.51) is trading above our estimate of fair value ($27.24)

Significantly Below Fair Value: SSB is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: SSB is poor value based on its PE Ratio (15.3x) compared to the Banks industry average (12.5x).

PE vs Market: SSB is good value based on its PE Ratio (15.3x) compared to the US market (17.7x).


Price to Earnings Growth Ratio

PEG Ratio: SSB's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: SSB is good value based on its PB Ratio (1.1x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

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

-0.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SSB's earnings are forecast to decline over the next 3 years (-0.3% per year).

Earnings vs Market: SSB's earnings are forecast to decline over the next 3 years (-0.3% per year).

High Growth Earnings: SSB's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SSB's revenue (1.9% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: SSB's revenue (1.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if SSB's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has South State performed over the past 5 years?

17.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: SSB's earnings have grown by 17.8% per year over the past 5 years.

Accelerating Growth: SSB's earnings growth over the past year (51.3%) exceeds its 5-year average (17.8% per year).

Earnings vs Industry: SSB earnings growth over the past year (51.3%) exceeded the Banks industry 29.7%.


Return on Equity

High ROE: SSB's Return on Equity (7.7%) is considered low.


Return on Assets

ROA vs Industry: SSB has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate SSB's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

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

Inventory Level: SSB has a low level of unsold assets or inventory.

Debt Coverage by Assets: SSB's debt is not covered by short term assets (assets are 0.8x debt).


Financial Institutions Analysis

Asset Level: SSB's level of assets compared to its equity is low.

Allowance for Bad Loans: SSB has a sufficient allowance for bad loans.

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

Loan Level: SSB has an acceptable proportion of non-loan assets held.

Low Risk Deposits: SSB's loans are broadly funded by customer deposits.

Level of Bad Loans: SSB has an appropriate level of bad loans (0.23%)


Next Steps

Dividend

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

2.22%

Current Dividend Yield


Dividend Yield vs Market

company2.2%marketbottom25%1.4%markettop25%3.7%industryaverage3.0%forecastin3Years2.3%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: SSB's dividend (2.22%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: SSB's dividend (2.22%) is low compared to the top 25% of dividend payers in the US market (3.73%).

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 (29.4%), SSB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

3.8yrs

Average management tenure


CEO

Robert Hill (52yo)

15yrs

Tenure

US$3,218,009

Compensation

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 Ba ...


CEO Compensation Analysis

Compensation vs. Market: Robert's total compensation ($USD3.22M) is about average for companies of similar size in the US market ($USD5.11M).

Compensation vs Earnings: Robert's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.8yrs

Average Tenure

56yo

Average Age

Experienced Management: SSB's management team is considered experienced (3.8 years average tenure).


Board Age and Tenure

8.6yrs

Average Tenure

64yo

Average Age

Experienced Board: SSB's board of directors are considered experienced (8.6 years average tenure).


Insider Trading

Insider Buying: SSB insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$364,81627 Sep 19
Patten Seed Company
EntityCompany
Shares4,790.67
Max PriceUS$76.15
SellUS$112,50010 Sep 19
Robert Horger
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares1,500
Max PriceUS$75.00
SellUS$625,42509 Sep 19
Robert Horger
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares8,339
Max PriceUS$75.00
SellUS$45004 Sep 19
Robert Horger
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares6
Max PriceUS$75.00
SellUS$557,55020 Aug 19
John Pollok
EntityIndividual
Role
Member of the Board of Directors
Senior EVP
Shares7,434
Max PriceUS$75.00
BuyUS$205,20010 Jun 19
Robert Demere
EntityIndividual
Shares3,000
Max PriceUS$68.40
SellUS$40,33320 May 19
Keith Rainwater
EntityIndividual
Role
Chief Accounting Officer
Executive VP & Principal Accounting Officer
Shares548
Max PriceUS$73.60
SellUS$135,58906 May 19
James Cherry
EntityIndividual
Shares1,785
Max PriceUS$75.96
SellUS$35,50001 Mar 19
Keith Rainwater
EntityIndividual
Role
Chief Accounting Officer
Executive VP & Principal Accounting Officer
Shares500
Max PriceUS$71.00
SellUS$280,27625 Feb 19
John Windley
EntityIndividual
Shares3,947
Max PriceUS$71.01
SellUS$662,76404 Feb 19
Robert Hill
EntityIndividual
Role
Chief Executive Officer
CEO & Director
Shares9,892
Max PriceUS$67.00
BuyUS$58,64020 Dec 18
Robert Demere
EntityIndividual
Shares1,000
Max PriceUS$58.64
BuyUS$63,81017 Dec 18
Paula Bethea
EntityIndividual
Role
Vice Chairman
Vice Chairman of the Board
Shares1,000
Max PriceUS$63.81
SellUS$295,04320 Nov 18
Joseph Burns
EntityIndividual
Role
Senior Key Executive
Consultant
Shares4,261
Max PriceUS$69.95
BuyUS$126,24026 Oct 18
Robert Demere
EntityIndividual
Shares2,000
Max PriceUS$63.12

Ownership Breakdown


Management Team

  • Don Truslow (61yo)

    Executive Vice President of Risk Management

    • Tenure: 0yrs
  • Robert Hill (52yo)

    CEO & Director

    • Tenure: 15yrs
    • Compensation: US$3.22m
  • John Pollok (53yo)

    Senior EVP

    • Tenure: 7yrs
    • Compensation: US$1.99m
  • Joseph Burns (64yo)

    Consultant

    • Tenure: 0.8yrs
    • Compensation: US$959.82k
  • Renee Brooks (49yo)

    Senior EVP & COO

    • Tenure: 1.3yrs
    • Compensation: US$1.19m
  • L. Westbrook (56yo)

    Chief Risk Officer

    • Tenure: 0yrs
  • John Goettee (61yo)

    President of South Carolina & Georgia Division

    • Tenure: 0yrs
  • Keith Rainwater (56yo)

    Executive VP & Principal Accounting Officer

    • Tenure: 0yrs
  • James Mabry (61yo)

    Executive Vice President of Investor Relations & Mergers-Acquisitions

    • Tenure: 3.8yrs
  • Jonathan Kivett (45yo)

    Chief Credit Officer

    • Tenure: 0yrs

Board Members

  • Jean Davis (63yo)

    Director

    • Tenure: 1.8yrs
    • Compensation: US$135.85k
  • Cynthia Hartley (70yo)

    Independent Director

    • Tenure: 8.3yrs
    • Compensation: US$119.73k
  • Robert Horger (68yo)

    Chairman of the Board

    • Tenure: 21.8yrs
    • Compensation: US$210.43k
  • Robert Hill (52yo)

    CEO & Director

    • Tenure: 15yrs
    • Compensation: US$3.22m
  • John Pollok (53yo)

    Senior EVP

    • Tenure: 7yrs
    • Compensation: US$1.99m
  • Paula Bethea (64yo)

    Vice Chairman of the Board

    • Tenure: 6.3yrs
    • Compensation: US$99.77k
  • James Roquemore (64yo)

    Independent Director

    • Tenure: 25.8yrs
    • Compensation: US$99.77k
  • Thomas Suggs (69yo)

    Independent Director

    • Tenure: 18.8yrs
    • Compensation: US$99.77k
  • Martin Davis (55yo)

    Director

    • Tenure: 3.4yrs
    • Compensation: US$119.73k
  • Kevin Walker (69yo)

    Independent Director

    • Tenure: 9yrs
    • Compensation: US$119.73k

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$2.640b
  • Shares outstanding: 34.06m
  • Website: https://www.southstatebank.com

Number of Employees


Location

  • South State Corporation
  • 520 Gervais Street
  • Columbia
  • South Carolina
  • 29201
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SSBNasdaqGS (Nasdaq Global Select)YesCommon SharesUSUSDJan 1997

Biography

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 ser ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/20 23:49
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.