South State (NASDAQ:SSB) has been assigned a $88.00 price target by SunTrust Banks in a research note issued on Wednesday, TipRanks reports. The brokerage currently has a “buy” rating on the bank’s stock. SunTrust Banks’ target price would suggest a potential upside of 15.71% from the stock’s previous close.
A number of other research firms also recently commented on SSB. Stephens reiterated a “sell” rating and issued a $63.00 target price on shares of South State in a report on Wednesday, August 7th. BidaskClub upgraded shares of South State from a “hold” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research downgraded shares of South State from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, ValuEngine raised shares of South State from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $76.67.
Shares of NASDAQ SSB traded down $0.66 during midday trading on Wednesday, reaching $76.05. The company’s stock had a trading volume of 484,967 shares, compared to its average volume of 163,723. 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 company has a 50 day moving average price of $75.01 and a 200 day moving average price of $72.80. South State has a one year low of $56.55 and a one year high of $85.50. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 13.83 and a beta of 1.35.
South State (NASDAQ:SSB) last released its earnings results on Monday, July 29th. The bank reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.08. South State had a net margin of 25.33% and a return on equity of 8.11%. The business had revenue of $164.80 million for the quarter, compared to the consensus estimate of $159.75 million. During the same period in the previous year, the firm earned $1.43 EPS. Research analysts anticipate that South State will post 5.49 earnings per share for the current fiscal year.
In related news, Director Robert R. Horger sold 8,339 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $75.00, for a total transaction of $625,425.00. Following the transaction, the director now directly owns 75,231 shares of the company’s stock, valued at $5,642,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John C. Pollok sold 7,434 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $75.00, for a total transaction of $557,550.00. Following the transaction, the chief financial officer now directly owns 99,346 shares in the company, valued at $7,450,950. The disclosure for this sale can be found here. Company insiders own 2.05% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in South State by 738.8% in the first quarter. JPMorgan Chase & Co. now owns 270,004 shares of the bank’s stock worth $18,452,000 after acquiring an additional 237,815 shares in the last quarter. Earnest Partners LLC grew its position in South State by 25.2% in the second quarter. Earnest Partners LLC now owns 1,017,729 shares of the bank’s stock worth $74,976,000 after acquiring an additional 204,920 shares in the last quarter. Wasatch Advisors Inc. grew its position in South State by 77.6% in the second quarter. Wasatch Advisors Inc. now owns 366,446 shares of the bank’s stock worth $26,996,000 after acquiring an additional 160,073 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in South State in the second quarter worth approximately $11,164,000. Finally, New York State Common Retirement Fund grew its position in South State by 109.1% in the first quarter. New York State Common Retirement Fund now owns 242,469 shares of the bank’s stock worth $16,570,000 after acquiring an additional 126,520 shares in the last quarter. 80.17% of the stock is currently owned by hedge funds and other institutional investors.
South State Company Profile
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.
See Also: Balanced Fund
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