BidaskClub Upgrades South State (NASDAQ:SSB) to “Buy”

BidaskClub upgraded shares of South State (NASDAQ:SSB) from a hold rating to a buy rating in a research report report published on Tuesday, BidAskClub reports.

Several other analysts also recently weighed in on SSB. Zacks Investment Research downgraded South State from a buy rating to a hold rating in a research note on Friday, August 9th. ValuEngine upgraded South State from a sell rating to a hold rating in a research note on Thursday, July 18th. Finally, Stephens restated a sell rating and set a $63.00 target price on shares of South State in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $76.67.

Shares of NASDAQ:SSB opened at $76.05 on Tuesday. The business has a 50 day moving average price of $74.91 and a 200 day moving average price of $72.83. South State has a twelve month low of $56.55 and a twelve month high of $85.50. The company has a market cap of $2.60 billion, a price-to-earnings ratio of 13.83 and a beta of 1.35. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.34.

South State (NASDAQ:SSB) last announced its earnings results on Monday, July 29th. The bank reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.08. South State had a return on equity of 8.11% and a net margin of 25.33%. The firm had revenue of $164.80 million during the quarter, compared to the consensus estimate of $159.75 million. During the same quarter in the prior year, the company earned $1.43 EPS. Analysts anticipate that South State will post 5.49 EPS for the current year.

In other South State news, Director Robert R. Horger sold 8,339 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $75.00, for a total value of $625,425.00. Following the completion of the transaction, the director now owns 75,231 shares of the company’s stock, valued at approximately $5,642,325. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John C. Pollok sold 7,434 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $75.00, for a total value of $557,550.00. Following the completion of the transaction, the chief financial officer now directly owns 99,346 shares of the company’s stock, valued at approximately $7,450,950. The disclosure for this sale can be found here. Corporate insiders own 2.05% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Bremer Bank National Association acquired a new position in shares of South State in the 1st quarter worth approximately $40,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of South State by 35.8% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock worth $57,000 after buying an additional 201 shares in the last quarter. Synovus Financial Corp raised its holdings in shares of South State by 80.7% in the 1st quarter. Synovus Financial Corp now owns 1,245 shares of the bank’s stock worth $85,000 after buying an additional 556 shares in the last quarter. ETF Managers Group LLC raised its holdings in shares of South State by 8.8% in the 1st quarter. ETF Managers Group LLC now owns 1,693 shares of the bank’s stock worth $116,000 after buying an additional 137 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of South State in the 2nd quarter worth approximately $217,000. 80.17% of the stock is owned by institutional investors and hedge funds.

About South State

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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