South State Corporation (NASDAQ:SSB)‘s stock had its “neutral” rating reaffirmed by analysts at Piper Jaffray Companies in a report released on Thursday. They presently have a $90.00 target price on the bank’s stock. Piper Jaffray Companies’ target price suggests a potential downside of 1.69% from the stock’s current price.

SSB has been the topic of several other reports. Zacks Investment Research raised South State Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, September 2nd. BidaskClub cut South State Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Finally, Brean Capital reaffirmed a “hold” rating on shares of South State Corporation in a research report on Wednesday, August 2nd. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. South State Corporation has a consensus rating of “Buy” and a consensus target price of $92.50.

South State Corporation (NASDAQ:SSB) opened at 91.55 on Thursday. The firm has a market capitalization of $2.66 billion, a P/E ratio of 23.92 and a beta of 1.10. South State Corporation has a 1-year low of $70.75 and a 1-year high of $93.40. The company’s 50-day moving average price is $83.61 and its 200-day moving average price is $85.25.

South State Corporation (NASDAQ:SSB) last posted its quarterly earnings data on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.18. The business had revenue of $136.61 million for the quarter, compared to analysts’ expectations of $137.00 million. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. Equities research analysts expect that South State Corporation will post $4.75 earnings per share for the current fiscal year.

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In other news, CEO Robert R. Hill, Jr. sold 2,831 shares of the business’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 sale, the chief executive officer now directly owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joe E. Burns sold 500 shares of the business’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 directly owns 39,947 shares in the company, valued at $3,331,180.33. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,581 shares of company stock worth $294,408. Insiders own 2.78% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Strs Ohio boosted its position in shares of South State Corporation by 116.7% in the 1st quarter. Strs Ohio now owns 1,300 shares of the bank’s stock worth $116,000 after purchasing an additional 700 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of South State Corporation by 47.7% in the 2nd 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 boosted its position in shares of South State Corporation by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after purchasing an additional 34 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of South State Corporation by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after purchasing an additional 20 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its position in shares of South State Corporation by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after purchasing an additional 614 shares in the last quarter. 66.71% of the stock is currently owned by hedge funds and other institutional investors.

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.

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