South State Corporation’s (SSB) Buy Rating Reaffirmed at SunTrust Banks, Inc.

South State Corporation (NASDAQ:SSB)‘s stock had its “buy” rating restated by equities researchers at SunTrust Banks, Inc. in a research note issued on Thursday. They currently have a $98.00 target price on the bank’s stock. SunTrust Banks, Inc.’s price objective suggests a potential upside of 5.95% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Piper Jaffray Companies reissued a “neutral” rating and set a $90.00 target price on shares of South State Corporation in a research report on Thursday, October 5th. BidaskClub raised shares of South State Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 5th. Zacks Investment Research raised shares of South State Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Brean Capital reissued a “hold” rating on shares of South State Corporation in a research report on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods raised shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 target price on the stock in a research report on Tuesday, July 25th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $94.33.

South State Corporation (NASDAQ:SSB) traded down 0.76% during midday trading on Thursday, reaching $91.80. 86,060 shares of the company’s stock were exchanged. The firm has a market capitalization of $2.67 billion, a P/E ratio of 23.98 and a beta of 1.10. South State Corporation has a 52 week low of $70.75 and a 52 week high of $93.40. The stock’s 50 day moving average is $85.20 and its 200 day moving average is $85.47.

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

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In related news, insider Joe E. Burns sold 500 shares of South State Corporation stock in a transaction on Wednesday, August 16th. The shares were 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 in the company, valued at $3,331,180.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of South State Corporation stock in a transaction on Friday, August 25th. The stock was sold at an average price of $82.10, for a total transaction of $232,425.10. Following the completion of the sale, the chief executive officer now owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,581 shares of company stock worth $294,408. Corporate insiders own 2.78% of the company’s stock.

Large investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. increased its stake in shares of South State Corporation by 12.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 106,232 shares of the bank’s stock worth $9,492,000 after buying an additional 11,460 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of South State Corporation by 0.4% in the first quarter. Goldman Sachs Group Inc. now owns 786,114 shares of the bank’s stock worth $70,239,000 after buying an additional 3,268 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in shares of South State Corporation in the first quarter worth $785,000. Crawford Investment Counsel Inc. increased its stake in shares of South State Corporation by 4.2% in the second quarter. Crawford Investment Counsel Inc. now owns 36,810 shares of the bank’s stock worth $3,155,000 after buying an additional 1,500 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in shares of South State Corporation by 12.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 17,927 shares of the bank’s stock worth $1,602,000 after buying an additional 1,927 shares during the last quarter. Institutional investors and hedge funds own 66.71% of the company’s stock.

About South State Corporation

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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