BidaskClub cut shares of South State Corporation (NASDAQ:SSB) from a strong-buy rating to a buy rating in a research note issued to investors on Friday.

Other analysts have also issued research reports about the company. SunTrust Banks, Inc. reaffirmed a buy rating and issued a $98.00 target price on shares of South State Corporation in a report on Thursday. Zacks Investment Research raised South State Corporation from a sell rating to a hold rating in a report on Wednesday, September 27th. Brean Capital reaffirmed a hold rating on shares of South State Corporation in a report on Wednesday, August 2nd. Piper Jaffray Companies reaffirmed a neutral rating and issued a $90.00 target price on shares of South State Corporation in a report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods raised South State Corporation from a market perform rating to an outperform rating and set a $95.00 target price on the stock in a report on Tuesday, July 25th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $94.33.

Shares of South State Corporation (NASDAQ:SSB) traded down 0.65% during trading on Friday, hitting $91.20. The company’s stock had a trading volume of 111,667 shares. The firm’s 50 day moving average is $85.75 and its 200-day moving average is $85.55. South State Corporation has a 1-year low of $70.75 and a 1-year high of $93.40. The company has a market capitalization of $2.65 billion, a P/E ratio of 23.82 and a beta of 1.10.

South State Corporation (NASDAQ:SSB) last released its earnings results on Friday, July 21st. The bank reported $1.18 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.18. The firm had revenue of $136.61 million for the quarter, compared to analyst estimates of $137.00 million. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. Analysts forecast that South State Corporation will post $4.75 EPS for the current fiscal year.

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In other South State Corporation news, CEO Robert R. Hill, Jr. sold 2,831 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $82.10, for a total value of $232,425.10. Following the completion of the sale, the chief executive officer now owns 140,215 shares in the company, valued at approximately $11,511,651.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joe E. Burns sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total value of $41,695.00. Following the completion of the sale, the insider now owns 39,947 shares of the company’s stock, valued at approximately $3,331,180.33. The disclosure for this sale can be found here. Insiders sold a total of 3,581 shares of company stock valued at $294,408 in the last quarter. Corporate insiders own 2.78% of the company’s stock.

Several hedge funds have recently made changes to their positions in SSB. BlackRock Inc. lifted its position in shares of South State Corporation by 15,348.4% in the 1st quarter. BlackRock Inc. now owns 1,899,075 shares of the bank’s stock worth $169,681,000 after acquiring an additional 1,886,782 shares during the period. Vanguard Group Inc. lifted its position in shares of South State Corporation by 21.8% in the 1st quarter. Vanguard Group Inc. now owns 2,189,012 shares of the bank’s stock worth $195,589,000 after acquiring an additional 391,665 shares during the period. Westwood Holdings Group Inc. lifted its position in shares of South State Corporation by 2,286.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 366,755 shares of the bank’s stock worth $32,769,000 after acquiring an additional 351,388 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of South State Corporation by 22.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock worth $82,766,000 after acquiring an additional 179,644 shares during the period. Finally, Wasatch Advisors Inc. lifted its position in shares of South State Corporation by 46.6% in the 2nd quarter. Wasatch Advisors Inc. now owns 521,307 shares of the bank’s stock worth $44,676,000 after acquiring an additional 165,801 shares during the period. Institutional investors own 66.71% of the company’s stock.

South State Corporation 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.

Analyst Recommendations for South State Corporation (NASDAQ:SSB)

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