South State (SSB) Raised to “Sell” at BidaskClub

South State (NASDAQ:SSB) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Monday, February 5th.

SSB has been the topic of a number of other reports. SunTrust Banks reiterated a “buy” rating and issued a $98.00 price objective on shares of South State in a research report on Thursday, October 12th. Brean Capital reiterated a “hold” rating on shares of South State in a research report on Monday, October 23rd. Finally, Zacks Investment Research lowered shares of South State from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $98.75.

South State (NASDAQ:SSB) opened at $89.00 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.05. The stock has a market cap of $3,188.90, a P/E ratio of 17.89, a PEG ratio of 1.87 and a beta of 1.05. South State has a 1 year low of $78.60 and a 1 year high of $94.50.

South State (NASDAQ:SSB) last announced its earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.11. The business had revenue of $151.37 million for the quarter, compared to analyst estimates of $147.91 million. South State had a net margin of 15.22% and a return on equity of 9.04%. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period last year, the firm posted $1.15 earnings per share. research analysts predict that South State will post 5.81 EPS for the current year.

In other South State news, insider Keith S. Rainwater sold 315 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $91.00, for a total transaction of $28,665.00. Following the sale, the insider now directly owns 5,013 shares in the company, valued at approximately $456,183. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President John F. Windley sold 7,258 shares of South State stock in a transaction on Friday, December 1st. The stock was sold at an average price of $90.93, for a total value of $659,969.94. Following the transaction, the president now directly owns 37,764 shares of the company’s stock, valued at approximately $3,433,880.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,213 shares of company stock worth $3,945,299. 2.78% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of South State by 3.9% during the 2nd quarter. Royal Bank of Canada now owns 3,945 shares of the bank’s stock worth $337,000 after buying an additional 147 shares during the last quarter. Roberts Glore & Co. Inc. IL raised its stake in shares of South State by 6.6% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 2,440 shares of the bank’s stock worth $209,000 after buying an additional 150 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of South State by 15.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,537 shares of the bank’s stock worth $217,000 after buying an additional 335 shares during the last quarter. Amalgamated Bank raised its stake in shares of South State by 12.1% during the 2nd quarter. Amalgamated Bank now owns 3,601 shares of the bank’s stock worth $309,000 after buying an additional 388 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of South State by 38.7% during the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after buying an additional 600 shares during the last quarter. 56.83% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for South State (NASDAQ:SSB)

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