ValuEngine Lowers South State (NASDAQ:SSB) to Sell

South State (NASDAQ:SSB) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, ValuEngine reports.

Other equities research analysts have also recently issued reports about the stock. Stephens reaffirmed a “sell” rating and issued a $63.00 target price on shares of South State in a research report on Wednesday, August 7th. SunTrust Banks set a $88.00 target price on shares of South State and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Zacks Investment Research cut shares of South State from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, BidaskClub cut shares of South State from a “buy” rating to a “hold” rating in a research report on Monday, September 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $76.67.

NASDAQ:SSB opened at $78.23 on Monday. The company has a 50-day moving average price of $75.59 and a 200-day moving average price of $73.94. South State has a 12 month low of $56.55 and a 12 month high of $80.95. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 14.22 and a beta of 1.34.

South State (NASDAQ:SSB) last posted its earnings results on Monday, July 29th. The bank reported $1.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.08. South State had a net margin of 25.33% and a return on equity of 8.11%. The firm had revenue of $164.80 million during the quarter, compared to analysts’ expectations of $159.75 million. During the same period last year, the company posted $1.43 EPS. Equities analysts forecast that South State will post 5.49 EPS for the current fiscal year.

In related news, CFO John C. Pollok sold 7,434 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $75.00, for a total value of $557,550.00. Following the completion of the transaction, the chief financial officer now directly owns 99,346 shares in the company, valued at approximately $7,450,950. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James W. Roquemore sold 4,791 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $76.15, for a total transaction of $364,834.65. Following the completion of the transaction, the director now owns 37,515 shares of the company’s stock, valued at $2,856,767.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,564 shares of company stock valued at $1,547,810. 2.05% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. CWM LLC increased its stake in South State by 5,404.8% during the 3rd quarter. CWM LLC now owns 1,156 shares of the bank’s stock valued at $87,000 after purchasing an additional 1,135 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in South State by 1.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 45,120 shares of the bank’s stock valued at $3,398,000 after purchasing an additional 636 shares in the last quarter. Dalton Greiner Hartman Maher & Co. increased its stake in South State by 2.9% during the 3rd quarter. Dalton Greiner Hartman Maher & Co. now owns 200,677 shares of the bank’s stock valued at $15,111,000 after purchasing an additional 5,639 shares in the last quarter. Natixis increased its stake in South State by 8.2% during the 2nd quarter. Natixis now owns 198,550 shares of the bank’s stock valued at $14,627,000 after purchasing an additional 15,049 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in South State by 50.8% during the 2nd quarter. Royal Bank of Canada now owns 5,466 shares of the bank’s stock valued at $402,000 after purchasing an additional 1,841 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

About South State

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 services, 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, and ATM processing services.

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