South State Co. (SSB) Director Sells $1,446,857.55 in Stock

South State Co. (NASDAQ:SSB) Director James C. Cherry sold 16,255 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $89.01, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

South State Co. (NASDAQ SSB) traded down $1.50 on Friday, reaching $87.15. The company’s stock had a trading volume of 110,594 shares, compared to its average volume of 194,258. South State Co. 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 0.05, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market capitalization of $3,256.97, a price-to-earnings ratio of 22.35, a PEG ratio of 2.35 and a beta of 1.09.

South State (NASDAQ:SSB) last posted its earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. South State had a return on equity of 8.85% and a net margin of 20.48%. The company had revenue of $136.36 million for the quarter, compared to analyst estimates of $139.85 million. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. research analysts predict that South State Co. will post 4.72 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of SSB. Victory Capital Management Inc. grew its stake in shares of South State by 23.1% during the third quarter. Victory Capital Management Inc. now owns 1,070,254 shares of the bank’s stock worth $96,376,000 after acquiring an additional 201,107 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of South State by 22.9% during the second quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock worth $82,766,000 after acquiring an additional 179,644 shares during the last quarter. Wasatch Advisors Inc. grew its stake in shares of South State by 46.6% during the second quarter. Wasatch Advisors Inc. now owns 521,307 shares of the bank’s stock worth $44,676,000 after acquiring an additional 165,801 shares during the last quarter. Westwood Holdings Group Inc. grew its stake in shares of South State by 37.8% during the second quarter. Westwood Holdings Group Inc. now owns 505,381 shares of the bank’s stock worth $43,269,000 after acquiring an additional 138,626 shares during the last quarter. Finally, BlackRock Inc. grew its stake in shares of 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 acquiring an additional 92,562 shares during the last quarter. Institutional investors and hedge funds own 55.72% of the company’s stock.

Several brokerages have recently commented on SSB. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a research note on Saturday, September 2nd. BidaskClub lowered South State from a “sell” rating to a “strong sell” rating in a research note on Friday, September 8th. Piper Jaffray Companies restated a “neutral” rating and set a $90.00 price target on shares of South State in a research note on Thursday, October 5th. SunTrust Banks restated a “buy” rating and set a $98.00 price target on shares of South State in a research note on Thursday, October 12th. Finally, Brean Capital restated a “hold” rating on shares of South State in a research note on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $97.33.

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South State Company Profile

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.

Insider Buying and Selling by Quarter for South State (NASDAQ:SSB)

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