Brean Capital Reaffirms Hold Rating for South State (SSB)

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

A number of other analysts have also recently weighed in on SSB. BidaskClub cut shares of South State from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 10th. SunTrust Banks reissued a “buy” rating and set a $108.00 target price on shares of South State in a report on Wednesday, January 24th. Finally, Zacks Investment Research raised shares of South State from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective on the stock in a report on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $98.75.

Shares of South State (SSB) traded down $2.80 during trading hours on Monday, hitting $87.35. 215,271 shares of the company’s stock were exchanged, compared to its average volume of 154,999. The firm has a market capitalization of $3,313.88, a PE ratio of 29.37, a price-to-earnings-growth ratio of 1.95 and a beta of 1.05. South State has a 52 week low of $78.60 and a 52 week high of $94.50. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05.

South State (NASDAQ:SSB) last issued its earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.11. The company had revenue of $151.37 million for the quarter, compared to analysts’ expectations of $147.91 million. South State had a net margin of 15.22% and a return on equity of 9.04%. The firm’s revenue was up 33.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.15 earnings per share. sell-side analysts predict that South State will post 5.78 earnings per share for the current fiscal year.

In other South State news, Director James C. Cherry sold 11,507 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $88.52, for a total transaction of $1,018,599.64. Following the transaction, the director now owns 11,500 shares of the company’s stock, valued at approximately $1,017,980. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James C. Cherry sold 16,255 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total transaction of $1,446,857.55. Following the transaction, the director now directly owns 23,007 shares in the company, valued at approximately $2,047,853.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,213 shares of company stock worth $3,945,299. Corporate insiders own 2.78% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in SSB. Victory Capital Management Inc. increased its stake in South State by 23.1% during the 3rd 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 period. Wasatch Advisors Inc. increased its stake in South State by 46.6% during the 2nd 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 period. Westwood Holdings Group Inc. increased its stake in South State by 37.8% during the 2nd quarter. Westwood Holdings Group Inc. now owns 505,381 shares of the bank’s stock valued at $43,269,000 after buying an additional 138,626 shares during the period. BlackRock Inc. increased its stake in South State by 4.9% during the 2nd quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock valued at $170,684,000 after buying an additional 92,562 shares during the period. Finally, Atlanta Capital Management Co. L L C acquired a new position in South State during the 3rd quarter valued at about $8,013,000. 56.16% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for South State (NASDAQ:SSB)

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