Zacks Investment Research Upgrades South State (SSB) to “Hold”
Zacks Investment Research upgraded shares of South State (NASDAQ:SSB) from a sell rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina. “
Several other analysts have also recently commented on SSB. BidaskClub upgraded South State from a hold rating to a buy rating in a research report on Wednesday, September 27th. Brean Capital reiterated a hold rating on shares of South State in a research report on Wednesday, December 6th. SunTrust Banks reiterated a buy rating and set a $107.00 price target on shares of South State in a research report on Wednesday, November 29th. Finally, Piper Jaffray Companies reiterated a neutral rating and set a $90.00 price target on shares of South State in a research report on Thursday, October 5th. One equities research analyst has 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 an average target price of $97.33.
Shares of South State (SSB) opened at $87.15 on Wednesday. The company has a market capitalization of $3,260.00, a P/E ratio of 22.35, a PEG ratio of 2.35 and a beta of 1.08. South State has a 12-month low of $78.60 and a 12-month high of $94.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.93 and a quick ratio of 0.92.
South State (NASDAQ:SSB) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, beating 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 business 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 business earned $1.18 earnings per share. The business’s revenue 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 fiscal year.
In other South State news, insider Joe E. Burns sold 6,548 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $92.39, for a total value of $604,969.72. Following the completion of the sale, the insider now directly owns 37,595 shares in the company, valued at approximately $3,473,402.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James C. Cherry sold 16,255 shares of the company’s stock in a transaction on 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 completion of the sale, the director now owns 23,007 shares of the company’s stock, valued at $2,047,853.07. The disclosure for this sale can be found here. Insiders have sold 72,620 shares of company stock valued at $6,611,006 over the last quarter. 2.78% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of SSB. Oppenheimer Asset Management Inc. lifted its stake in shares of South State by 47.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock valued at $132,000 after purchasing an additional 497 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of South State by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after purchasing an additional 34 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of South State by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after purchasing an additional 20 shares during the last quarter. Strs Ohio lifted its stake in shares of South State by 38.5% in the 2nd quarter. Strs Ohio now owns 1,800 shares of the bank’s stock valued at $154,000 after purchasing an additional 500 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its stake in shares of South State by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock valued at $161,000 after purchasing an additional 614 shares during the last quarter. 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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