South State (NASDAQ:SSB)‘s stock had its “hold” rating reiterated by Brean Capital in a report issued on Tuesday, January 2nd.
SSB has been the subject of a number of other reports. BidaskClub cut South State from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. SunTrust Banks reaffirmed a “buy” rating and issued a $98.00 price objective on shares of South State in a research report on Thursday, October 12th. Finally, Zacks Investment Research raised South State from a “sell” rating to a “hold” rating in a research report on Wednesday, December 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $97.33.
Shares of South State (SSB) traded up $0.85 during mid-day trading on Tuesday, reaching $89.35. The company had a trading volume of 170,300 shares, compared to its average volume of 161,400. South State has a 52-week low of $78.60 and a 52-week high of $94.50. The firm has a market capitalization of $3,240.00, a PE ratio of 22.91, a PEG ratio of 2.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.92 and a current ratio of 0.93.
South State (NASDAQ:SSB) last released its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. South State had a return on equity of 8.85% and a net margin of 20.48%. The company had revenue of $136.36 million during the quarter, compared to analysts’ expectations of $139.85 million. During the same period in the previous year, the firm posted $1.18 earnings per share. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. sell-side analysts anticipate that South State will post 4.72 EPS for the current year.
In other South State news, insider Joe E. Burns sold 6,548 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $92.39, for a total transaction of $604,969.72. Following the completion of the sale, the insider now owns 37,595 shares of the company’s stock, valued at $3,473,402.05. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James C. Cherry sold 16,255 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total value of $1,446,857.55. Following the sale, the director now directly owns 23,007 shares of the company’s stock, valued at approximately $2,047,853.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,620 shares of company stock valued at $6,611,006. Company insiders own 2.78% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of SSB. Oppenheimer Asset Management Inc. lifted its stake in shares of South State by 47.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after purchasing an additional 497 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of South State by 2.2% in the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after acquiring an additional 34 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of South State by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after acquiring an additional 20 shares in the last quarter. D.A. Davidson & CO. lifted its stake in shares of South State by 48.5% in the second quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after acquiring an additional 614 shares in the last quarter. Finally, Stevens Capital Management LP acquired a new position in shares of South State in the second quarter worth about $206,000. Institutional investors own 55.72% of the company’s stock.
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South State Company Profile
South State Corporation (NASDAQ: SSB) is the largest bank holding company headquartered in South Carolina. Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 19 South Carolina counties, 12 Georgia counties and 4 North Carolina counties for over 80 years.
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