South State Corporation (SSB) Downgraded by BidaskClub to Strong Sell
South State Corporation (NASDAQ:SSB) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Friday.
A number of other brokerages also recently weighed in on SSB. Stephens reissued a “hold” rating on shares of South State Corporation in a research note on Friday, May 12th. Zacks Investment Research downgraded South State Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 26th. Keefe, Bruyette & Woods raised South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 price objective on the stock in a research note on Tuesday, July 25th. Finally, Brean Capital reissued a “hold” rating on shares of South State Corporation in a research note on Wednesday, August 2nd. One equities 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 stock currently has an average rating of “Hold” and an average target price of $96.50.
Shares of South State Corporation (SSB) opened at 78.70 on Friday. The company’s 50-day moving average is $82.47 and its 200-day moving average is $85.92. The firm has a market cap of $2.29 billion, a P/E ratio of 20.56 and a beta of 1.08. South State Corporation has a 52-week low of $70.75 and a 52-week high of $93.40.
South State Corporation (NASDAQ:SSB) last issued its quarterly earnings data on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.18. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. The business had revenue of $136.61 million for the quarter, compared to the consensus estimate of $137 million. Equities research analysts forecast that South State Corporation will post $4.75 earnings per share for the current fiscal year.
In other South State Corporation news, CEO Robert R. Hill, Jr. sold 2,831 shares of South State Corporation stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $82.10, for a total value of $232,425.10. Following the transaction, the chief executive officer now directly owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joe E. Burns sold 500 shares of South State Corporation stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total value of $41,695.00. Following the completion of the transaction, the insider now directly owns 39,947 shares in the company, valued at $3,331,180.33. The disclosure for this sale can be found here. Insiders sold a total of 3,581 shares of company stock worth $294,408 over the last three months. 2.78% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Lord Abbett & CO. LLC increased its position in South State Corporation by 1.2% in the 2nd quarter. Lord Abbett & CO. LLC now owns 390,291 shares of the bank’s stock worth $33,448,000 after buying an additional 4,585 shares during the period. Wasatch Advisors Inc. increased its position in South State Corporation by 46.6% in the 2nd quarter. Wasatch Advisors Inc. now owns 521,307 shares of the bank’s stock worth $44,676,000 after buying an additional 165,801 shares during the period. Westwood Holdings Group Inc. increased its position in South State Corporation by 37.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 505,381 shares of the bank’s stock worth $43,269,000 after buying an additional 138,626 shares during the period. Ameritas Investment Partners Inc. increased its position in South State Corporation by 15.2% in 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 period. Finally, Roberts Glore & Co. Inc. IL increased its position in South State Corporation by 6.6% in 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 period. 66.71% of the stock is currently owned by institutional investors.
About South State Corporation
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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