South State Corporation (SSB) Given Average Rating of “Hold” by Analysts

South State Corporation (NASDAQ:SSB) has earned an average rating of “Hold” from the seven ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $97.33.

A number of equities analysts recently issued reports on the stock. BidaskClub raised shares of South State from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. SunTrust Banks reissued a “buy” rating and issued a $107.00 price target on shares of South State in a research note on Wednesday, November 29th. Piper Jaffray Companies reissued a “neutral” rating and issued a $90.00 price target on shares of South State in a research note on Thursday, October 5th. Finally, Zacks Investment Research downgraded shares of South State from a “hold” rating to a “sell” rating in a research note on Friday, October 27th.

Shares of South State (NASDAQ:SSB) opened at $91.05 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market cap of $2,667.22, a PE ratio of 19.37, a PEG ratio of 2.41 and a beta of 1.09. South State has a 1-year low of $78.60 and a 1-year high of $94.50.

South State (NASDAQ:SSB) last posted its earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. South State had a net margin of 20.48% and a return on equity of 8.85%. The company 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 business posted $1.18 earnings per share. South State’s revenue for the quarter was up 17.0% on a year-over-year basis. research analysts predict that South State will post 4.72 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Friday, November 10th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, November 9th. South State’s payout ratio is currently 33.85%.

In other South State news, CEO Robert R. Hill, Jr. sold 13,024 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $91.85, for a total transaction of $1,196,254.40. Following the completion of the transaction, the chief executive officer now owns 133,121 shares of the company’s stock, valued at $12,227,163.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John C. Pollok sold 8,283 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $90.56, for a total transaction of $750,108.48. Following the transaction, the chief financial officer now directly owns 83,714 shares of the company’s stock, valued at approximately $7,581,139.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,107 shares of company stock valued at $4,504,179. 2.78% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in SSB. Oppenheimer Asset Management Inc. increased its stake in shares of South State by 47.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock valued at $132,000 after purchasing an additional 497 shares in the last quarter. Bank of Montreal Can increased its position in shares of South State by 2.2% during the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after acquiring an additional 34 shares in the last quarter. SG Americas Securities LLC increased its position in shares of South State by 1.3% during the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after acquiring an additional 20 shares in the last quarter. Strs Ohio increased its position in shares of South State by 38.5% during the second quarter. Strs Ohio now owns 1,800 shares of the bank’s stock valued at $154,000 after acquiring an additional 500 shares in the last quarter. Finally, D.A. Davidson & CO. increased its position in shares of South State by 48.5% during the second quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock valued at $161,000 after acquiring an additional 614 shares in the last quarter. 69.92% of the stock is owned by institutional investors and hedge funds.

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About South State

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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