South State (NASDAQ:SSB) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday. The firm presently has a $102.00 target price on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.60% from the company’s current price.
According to Zacks, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina. “
A number of other equities analysts have also issued reports on SSB. BidaskClub raised South State from a “sell” rating to a “hold” rating in a report on Friday, September 15th. Piper Jaffray Companies reissued a “neutral” rating and issued a $90.00 price objective on shares of South State in a report on Thursday, October 5th. SunTrust Banks reissued a “buy” rating and issued a $98.00 price objective on shares of South State in a report on Thursday, October 12th. Finally, Brean Capital reissued a “hold” rating on shares of South State in a report on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. South State has an average rating of “Hold” and an average target price of $98.50.
South State (NASDAQ:SSB) last issued its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. South State had a return on equity of 8.85% and a net margin of 20.48%. The business had revenue of $136.36 million during the quarter, compared to analyst estimates of $139.85 million. During the same period in the prior year, the company posted $1.18 EPS. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. sell-side analysts forecast that South State will post 4.72 EPS for the current fiscal year.
In other South State news, Director James C. Cherry sold 16,255 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $89.01, for a total transaction of $1,446,857.55. Following the completion of the transaction, the director now directly owns 23,007 shares of the company’s stock, valued at approximately $2,047,853.07. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert R. Hill, Jr. sold 13,024 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $91.85, for a total value of $1,196,254.40. Following the transaction, the chief executive officer now directly owns 133,121 shares of the company’s stock, valued at $12,227,163.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,620 shares of company stock valued at $6,611,006. 2.78% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SSB. SG Americas Securities LLC boosted its stake in South State by 1.3% during the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after purchasing an additional 20 shares in the last quarter. Legal & General Group Plc boosted its stake in South State by 8.7% during the 2nd quarter. Legal & General Group Plc now owns 9,902 shares of the bank’s stock valued at $849,000 after purchasing an additional 789 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of South State by 435.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,538 shares of the bank’s stock worth $303,000 after acquiring an additional 2,877 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of South State by 66.0% during the 2nd quarter. Principal Financial Group Inc. now owns 5,208 shares of the bank’s stock worth $446,000 after acquiring an additional 2,070 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of South State by 2.2% during the 2nd quarter. Swiss National Bank now owns 46,552 shares of the bank’s stock worth $3,990,000 after acquiring an additional 1,000 shares in the last quarter. 55.75% of the stock is owned by hedge funds and other institutional investors.
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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.
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