BidaskClub downgraded shares of South State (NASDAQ:SSB) from a hold rating to a sell rating in a research report sent to investors on Friday morning.
Other equities research analysts have also issued research reports about the company. SunTrust Banks reissued a buy rating and issued a $108.00 price objective on shares of South State in a report on Wednesday, January 24th. Keefe, Bruyette & Woods reissued a buy rating and issued a $102.00 price objective on shares of South State in a report on Tuesday, February 27th. Zacks Investment Research lowered South State from a buy rating to a hold rating in a report on Tuesday, March 13th. Finally, Brean Capital reissued a hold rating on shares of South State in a report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $100.50.
Shares of South State stock opened at $89.55 on Friday. South State has a 12-month low of $78.60 and a 12-month high of $94.50. The stock has a market capitalization of $3,294.10, a price-to-earnings ratio of 30.05, a PEG ratio of 1.93 and a beta of 1.03. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.93 and a current ratio of 0.93.
In other South State news, CEO Robert R. Hill, Jr. sold 8,878 shares of South State stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $89.12, for a total transaction of $791,207.36. Following the completion of the transaction, the chief executive officer now owns 110,441 shares of the company’s stock, valued at approximately $9,842,501.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Keith S. Rainwater sold 315 shares of South State stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $91.00, for a total value of $28,665.00. Following the transaction, the insider now directly owns 5,013 shares of the company’s stock, valued at approximately $456,183. The disclosure for this sale can be found here. In the last three months, insiders sold 32,252 shares of company stock valued at $2,887,856. 1.96% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors purchased a new position in South State during the 4th quarter valued at about $111,000. Glenmede Trust Co. NA grew its holdings in South State by 156.6% during the 4th quarter. Glenmede Trust Co. NA now owns 1,709 shares of the bank’s stock valued at $148,000 after buying an additional 1,043 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in South State by 63.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock valued at $152,000 after buying an additional 675 shares in the last quarter. Bank of Montreal Can grew its holdings in South State by 38.7% during the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock valued at $187,000 after buying an additional 600 shares in the last quarter. Finally, TNB Financial purchased a new position in South State during the 4th quarter valued at about $200,000. 72.42% 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.
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