Other equities research analysts have also issued research reports about the company. SunTrust Banks upped their target price on South State from $90.00 to $97.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. Zacks Investment Research lowered South State from a “buy” rating to a “sell” rating in a research report on Thursday, March 12th. BidaskClub raised South State from a “strong sell” rating to a “sell” rating in a report on Thursday, March 19th. Finally, DA Davidson started coverage on South State in a report on Thursday, February 27th. They issued a “neutral” rating for the company. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $82.00.
Shares of NASDAQ SSB opened at $61.76 on Wednesday. The business’s 50 day moving average price is $69.51 and its 200 day moving average price is $78.16. The firm has a market cap of $1.89 billion, a P/E ratio of 11.50 and a beta of 1.27. South State has a 52 week low of $51.47 and a 52 week high of $88.10. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.34.
South State (NASDAQ:SSB) last issued its earnings results on Monday, January 27th. The bank reported $1.48 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.05. The firm had revenue of $162.76 million for the quarter, compared to analyst estimates of $162.15 million. South State had a return on equity of 8.26% and a net margin of 25.39%. During the same quarter in the prior year, the firm earned $1.35 earnings per share. As a group, research analysts expect that South State will post 5.44 earnings per share for the current year.
In related news, Director Robert H. Demere, Jr. purchased 3,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was bought at an average cost of $59.27 per share, with a total value of $177,810.00. Following the completion of the acquisition, the director now owns 52,081 shares of the company’s stock, valued at approximately $3,086,840.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.05% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its stake in shares of South State by 0.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 45,318 shares of the bank’s stock worth $3,931,000 after buying an additional 198 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of South State by 10.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,377 shares of the bank’s stock worth $206,000 after buying an additional 216 shares during the period. Boston Partners raised its stake in shares of South State by 0.9% during the 4th quarter. Boston Partners now owns 24,496 shares of the bank’s stock worth $2,125,000 after buying an additional 227 shares during the period. Amalgamated Bank raised its stake in shares of South State by 4.5% during the 4th quarter. Amalgamated Bank now owns 5,343 shares of the bank’s stock worth $464,000 after buying an additional 229 shares during the period. Finally, Great Lakes Advisors LLC raised its stake in South State by 0.4% in the 4th quarter. Great Lakes Advisors LLC now owns 56,774 shares of the bank’s stock valued at $4,925,000 after purchasing an additional 236 shares during the last quarter. 81.00% of the stock is owned by institutional investors and hedge funds.
South State Company Profile
South State Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, trust and wealth management services, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, and ATM processing services.
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