South State (SSB) Earns “Hold” Rating from Brean Capital

Brean Capital restated their hold rating on shares of South State (NASDAQ:SSB) in a report issued on Tuesday.

Several other research firms also recently issued reports on SSB. BidaskClub raised shares of South State from a buy rating to a strong-buy rating in a report on Thursday, October 5th. SunTrust Banks reaffirmed a buy rating and set a $98.00 price objective on shares of South State in a report on Thursday, October 12th. Zacks Investment Research raised shares of South State from a sell rating to a hold rating in a report on Wednesday, December 27th. Finally, Piper Jaffray Companies reaffirmed a neutral rating and set a $90.00 price objective on shares of South State in a report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. South State currently has an average rating of Hold and an average target price of $97.33.

Shares of South State (NASDAQ:SSB) traded up $0.30 during midday trading on Tuesday, reaching $88.70. 141,900 shares of the company were exchanged, compared to its average volume of 161,967. South State has a 12-month low of $78.60 and a 12-month high of $94.50. The stock has a market capitalization of $3,247.79, a P/E ratio of 22.74, a PEG ratio of 2.20 and a beta of 1.09. 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 announced its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. The firm had revenue of $136.36 million for the quarter, compared to the consensus estimate of $139.85 million. South State had a net margin of 20.48% and a return on equity of 8.85%. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 earnings per share. equities analysts predict that South State will post 4.72 earnings per share for the current fiscal year.

In other news, insider Joe E. Burns sold 6,548 shares of the stock in a transaction dated Friday, October 27th. The shares were 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 $3,473,402.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James C. Cherry sold 16,255 shares of the stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total transaction 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 sold 72,620 shares of company stock valued at $6,611,006 over the last quarter. Company insiders own 2.78% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its position in South State by 1.5% during the second quarter. Wells Fargo & Company MN now owns 84,032 shares of the bank’s stock worth $7,201,000 after purchasing an additional 1,209 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in South State by 16.6% during the second quarter. The Manufacturers Life Insurance Company now owns 22,249 shares of the bank’s stock worth $1,906,000 after purchasing an additional 3,164 shares during the last quarter. BlackRock Inc. increased its position in South State by 4.9% during the second quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock worth $170,684,000 after purchasing an additional 92,562 shares during the last quarter. BRYN MAWR TRUST Co increased its position in South State by 14.7% during the second quarter. BRYN MAWR TRUST Co now owns 41,458 shares of the bank’s stock worth $3,553,000 after purchasing an additional 5,321 shares during the last quarter. Finally, Voya Investment Management LLC increased its position in South State by 12.0% during the second quarter. Voya Investment Management LLC now owns 12,810 shares of the bank’s stock worth $1,098,000 after purchasing an additional 1,372 shares during the last quarter. Hedge funds and other institutional investors own 55.72% of the company’s stock.

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About South State

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 (NASDAQ:SSB)

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