Several other equities research analysts have also weighed in on the company. Zacks Investment Research lowered South State Bank from a hold rating to a sell rating in a report on Wednesday, March 28th. Brean Capital restated a hold rating on shares of South State Bank in a report on Tuesday, January 23rd. Keefe, Bruyette & Woods restated a buy rating and issued a $102.00 target price on shares of South State Bank in a report on Tuesday, February 27th. BidaskClub upgraded South State Bank from a strong sell rating to a sell rating in a report on Monday, February 5th. Finally, SunTrust Banks restated a buy rating and issued a $108.00 target price on shares of South State Bank in a report on Wednesday, January 24th. Two investment analysts have 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 stock currently has an average rating of Hold and an average price target of $99.20.
Shares of NASDAQ SSB traded down $1.20 during trading hours on Wednesday, hitting $85.95. The stock had a trading volume of 24,683 shares, compared to its average volume of 148,046. The stock has a market cap of $3,139.61, a price-to-earnings ratio of 17.86, a PEG ratio of 1.84 and a beta of 1.01. South State Bank has a 52 week low of $78.60 and a 52 week high of $94.50. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.93 and a current ratio of 0.93.
South State Bank (NASDAQ:SSB) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The business had revenue of $151.37 million during the quarter, compared to analysts’ expectations of $147.91 million. South State Bank had a return on equity of 8.15% and a net margin of 15.22%. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.15 EPS. analysts predict that South State Bank will post 5.81 EPS for the current year.
In related news, Director James C. Cherry sold 11,507 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $88.52, for a total value of $1,018,599.64. Following the completion of the transaction, the director now directly owns 11,500 shares in the company, valued at $1,017,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert R. Hill, Jr. sold 9,272 shares of the company’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $91.01, for a total value of $843,844.72. Following the completion of the sale, the chief executive officer now owns 111,879 shares in the company, valued at $10,182,107.79. The disclosure for this sale can be found here. Insiders sold 32,252 shares of company stock valued at $2,887,856 over the last 90 days. 1.96% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Ameriprise Financial Inc. grew its holdings in shares of South State Bank by 13.8% during the third quarter. Ameriprise Financial Inc. now owns 13,307 shares of the bank’s stock worth $1,198,000 after purchasing an additional 1,610 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of South State Bank by 27.4% during the third quarter. Legal & General Group Plc now owns 12,619 shares of the bank’s stock worth $1,134,000 after purchasing an additional 2,717 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of South State Bank by 13.4% during the third quarter. Wells Fargo & Company MN now owns 95,333 shares of the bank’s stock worth $8,585,000 after purchasing an additional 11,301 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of South State Bank by 16.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 124,444 shares of the bank’s stock worth $11,207,000 after purchasing an additional 17,984 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of South State Bank by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,016,792 shares of the bank’s stock worth $91,561,000 after purchasing an additional 58,525 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.
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About South State Bank
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, 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, ATM processing, and wealth management and trust services.
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