South State (NASDAQ:SSB)‘s stock had its “hold” rating reiterated by equities research analysts at Brean Capital in a research note issued on Tuesday.
Other analysts have also recently issued reports about the company. SunTrust Banks dropped their price target on South State to $79.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a research report on Friday, September 28th. Stephens reiterated a “hold” rating and set a $95.00 price target on shares of South State in a research report on Tuesday, October 23rd. BidaskClub upgraded South State from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 16th. Finally, ValuEngine upgraded South State from a “strong sell” rating to a “sell” rating in a research report on Wednesday, November 21st. Four research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. South State presently has an average rating of “Hold” and an average target price of $80.80.
NASDAQ SSB traded down $0.60 on Tuesday, hitting $66.49. 611 shares of the stock traded hands, compared to its average volume of 196,360. South State has a twelve month low of $56.55 and a twelve month high of $93.25. The stock has a market capitalization of $2.45 billion, a P/E ratio of 13.66 and a beta of 1.18. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.05.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Monday, October 22nd. The bank reported $1.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.44 by ($0.11). South State had a net margin of 19.08% and a return on equity of 8.32%. The firm had revenue of $160.32 million for the quarter, compared to analyst estimates of $167.07 million. During the same quarter in the previous year, the company earned $1.22 EPS. On average, analysts anticipate that South State will post 5.48 EPS for the current year.
In related news, insider Joe E. Burns sold 4,261 shares of the stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $69.24, for a total value of $295,031.64. Following the completion of the transaction, the insider now directly owns 37,590 shares of the company’s stock, valued at approximately $2,602,731.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert H. Demere, Jr. acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The stock was acquired at an average cost of $63.12 per share, with a total value of $126,240.00. Following the completion of the acquisition, the director now directly owns 44,360 shares in the company, valued at $2,800,003.20. The disclosure for this purchase can be found here. Insiders have bought a total of 4,000 shares of company stock worth $248,690 over the last quarter. Insiders own 1.96% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of SSB. Fenimore Asset Management Inc. boosted its stake in South State by 42.0% during the 4th quarter. Fenimore Asset Management Inc. now owns 876,688 shares of the bank’s stock valued at $52,557,000 after purchasing an additional 259,232 shares in the last quarter. Atlanta Capital Management Co. L L C raised its holdings in shares of South State by 52.3% during the third quarter. Atlanta Capital Management Co. L L C now owns 566,905 shares of the bank’s stock worth $46,486,000 after acquiring an additional 194,735 shares in the last quarter. Asset Advisors Investment Management LLC acquired a new stake in shares of South State in the third quarter valued at about $15,709,000. Wells Fargo & Company MN grew its position in shares of South State by 44.8% in the third quarter. Wells Fargo & Company MN now owns 589,809 shares of the bank’s stock valued at $48,364,000 after purchasing an additional 182,406 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of South State in the third quarter valued at about $13,574,000. 76.64% of the stock is owned by hedge funds and other institutional investors.
South State Company Profile
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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