South State Corporation (SSB) Stock Rating Reaffirmed by Brean Capital

South State Corporation (NASDAQ:SSB)‘s stock had its “hold” rating restated by research analysts at Brean Capital in a research report issued on Monday.

Other equities research analysts also recently issued research reports about the company. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $98.00 price objective on shares of South State Corporation in a report on Thursday, October 12th. BidaskClub upgraded South State Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, September 27th. Zacks Investment Research upgraded South State Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Piper Jaffray Companies restated a “neutral” rating and issued a $90.00 price target on shares of South State Corporation in a report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods upgraded South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 price target for the company in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $95.67.

South State Corporation (NASDAQ:SSB) opened at 90.05 on Monday. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 23.52 and a beta of 1.10. South State Corporation has a 12-month low of $70.75 and a 12-month high of $93.85. The company’s 50-day moving average price is $89.07 and its 200-day moving average price is $85.86.

South State Corporation (NASDAQ:SSB) last released its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $136.36 million during the quarter, compared to the consensus estimate of $139.85 million. South State Corporation had a return on equity of 9.15% and a net margin of 20.48%. The firm’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.18 earnings per share. Equities analysts expect that South State Corporation will post $4.76 EPS for the current fiscal year.

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In related news, insider Joe E. Burns sold 500 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total transaction of $41,695.00. Following the completion of the transaction, the insider now directly owns 39,947 shares of the company’s stock, valued at $3,331,180.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of the stock in a transaction that occurred on Friday, August 25th. The shares were 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 $11,511,651.50. The disclosure for this sale can be found here. Insiders have sold 52,688 shares of company stock valued at $4,798,586 over the last ninety days. 2.78% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Channing Capital Management LLC boosted its position in South State Corporation by 3.7% during the third quarter. Channing Capital Management LLC now owns 627,519 shares of the bank’s stock valued at $56,508,000 after purchasing an additional 22,313 shares during the last quarter. Copeland Capital Management LLC lifted its position in shares of South State Corporation by 1.8% in the third quarter. Copeland Capital Management LLC now owns 212,070 shares of the bank’s stock valued at $19,097,000 after buying an additional 3,649 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of South State Corporation by 23.1% in the third quarter. Victory Capital Management Inc. now owns 1,070,254 shares of the bank’s stock valued at $96,376,000 after buying an additional 201,107 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in shares of South State Corporation by 1.2% in the second quarter. Lord Abbett & CO. LLC now owns 390,291 shares of the bank’s stock valued at $33,448,000 after buying an additional 4,585 shares during the last quarter. Finally, Wasatch Advisors Inc. lifted its position in shares of South State Corporation by 46.6% in the second quarter. Wasatch Advisors Inc. now owns 521,307 shares of the bank’s stock valued at $44,676,000 after buying an additional 165,801 shares during the last quarter. 66.57% of the stock is owned by hedge funds and other 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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