South State Bank (NASDAQ:SSB)‘s stock had its “hold” rating restated by equities researchers at Brean Capital in a research note issued to investors on Thursday.
Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of South State Bank from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 10th. Zacks Investment Research downgraded shares of South State Bank from a “buy” rating to a “hold” rating in a research note on Tuesday, March 13th. Sandler O’Neill set a $94.00 price target on shares of South State Bank and gave the stock a “hold” rating in a research note on Wednesday, March 28th. SunTrust Banks reaffirmed a “buy” rating and set a $108.00 price target on shares of South State Bank in a research note on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $102.00 target price on shares of South State Bank in a research note on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $99.20.
NASDAQ:SSB opened at $84.40 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.09. The company has a market cap of $3,154.32, a price-to-earnings ratio of 17.40, a P/E/G ratio of 1.84 and a beta of 1.01. South State Bank has a fifty-two week low of $78.60 and a fifty-two week high of $94.50.
South State Bank (NASDAQ:SSB) last posted its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.11. The company had revenue of $151.37 million for the quarter, compared to the consensus estimate of $147.91 million. South State Bank had a net margin of 15.22% and a return on equity of 8.15%. South State Bank’s revenue was up 33.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.15 earnings per share. equities analysts predict that South State Bank will post 5.81 earnings per share for the current fiscal year.
In other news, Director James C. Cherry sold 11,507 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $88.52, for a total value of $1,018,599.64. Following the transaction, the director now owns 11,500 shares of the company’s stock, valued at approximately $1,017,980. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert R. Hill, Jr. sold 9,272 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $91.01, for a total transaction of $843,844.72. Following the completion of the transaction, the chief executive officer now directly owns 111,879 shares in the company, valued at approximately $10,182,107.79. The disclosure for this sale can be found here. In the last three months, insiders sold 32,252 shares of company stock worth $2,887,856. Insiders own 1.96% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Bank of Montreal Can raised its stake in shares of South State Bank by 38.7% in the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock valued at $187,000 after acquiring an additional 600 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in South State Bank by 63.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock valued at $152,000 after purchasing an additional 675 shares in the last quarter. Intrust Bank NA grew its holdings in South State Bank by 16.0% during the 4th quarter. Intrust Bank NA now owns 5,424 shares of the bank’s stock valued at $473,000 after purchasing an additional 749 shares in the last quarter. Salem Investment Counselors Inc. grew its holdings in South State Bank by 6.2% during the 4th quarter. Salem Investment Counselors Inc. now owns 13,247 shares of the bank’s stock valued at $1,154,000 after purchasing an additional 770 shares in the last quarter. Finally, Brown Advisory Inc. grew its holdings in South State Bank by 27.9% during the 3rd quarter. Brown Advisory Inc. now owns 4,208 shares of the bank’s stock valued at $378,000 after purchasing an additional 918 shares in the last quarter. 72.43% of the stock is currently owned by institutional investors and hedge funds.
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About South State Bank
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, 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, ATM processing, and wealth management and trust services.
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