South State (SSB) Downgraded by Zacks Investment Research

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Zacks Investment Research lowered shares of South State (NASDAQ:SSB) from a hold rating to a sell rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina. “

SSB has been the topic of several other reports. BidaskClub upgraded shares of South State from a sell rating to a hold rating in a research report on Wednesday, March 27th. Brean Capital reiterated a hold rating on shares of South State in a research report on Monday, January 14th. Finally, TheStreet upgraded shares of South State from a c+ rating to a b- rating in a research report on Tuesday, March 19th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $77.20.

Shares of South State stock opened at $73.55 on Tuesday. The company has a market cap of $2.54 billion, a P/E ratio of 13.37 and a beta of 1.22. South State has a twelve month low of $56.55 and a twelve month high of $93.25. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.96.

South State (NASDAQ:SSB) last issued its quarterly earnings data on Monday, January 28th. The bank reported $1.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.03. The company had revenue of $162.03 million for the quarter, compared to the consensus estimate of $160.79 million. South State had a net margin of 24.99% and a return on equity of 8.59%. During the same quarter in the prior year, the firm earned $1.30 earnings per share. On average, research analysts anticipate that South State will post 5.39 earnings per share for the current fiscal year.

In other news, CEO Robert R. Hill, Jr. sold 9,892 shares of the stock in a transaction on Friday, February 1st. The shares were sold at an average price of $67.00, for a total value of $662,764.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith S. Rainwater sold 500 shares of the stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $71.00, for a total transaction of $35,500.00. Following the completion of the sale, the insider now directly owns 6,146 shares of the company’s stock, valued at $436,366. The disclosure for this sale can be found here. Insiders sold 14,339 shares of company stock worth $978,540 over the last quarter. Insiders own 2.05% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its stake in shares of South State by 32.4% in the third quarter. Renaissance Technologies LLC now owns 135,267 shares of the bank’s stock worth $11,092,000 after purchasing an additional 33,100 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of South State by 17.8% in the third quarter. JPMorgan Chase & Co. now owns 40,337 shares of the bank’s stock worth $3,308,000 after purchasing an additional 6,098 shares in the last quarter. Toronto Dominion Bank purchased a new stake in shares of South State in the fourth quarter worth $26,000. Geode Capital Management LLC increased its stake in shares of South State by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 412,314 shares of the bank’s stock worth $24,718,000 after purchasing an additional 23,760 shares in the last quarter. Finally, Vanguard Group Inc increased its stake in shares of South State by 1.5% in the third quarter. Vanguard Group Inc now owns 3,214,729 shares of the bank’s stock worth $263,609,000 after purchasing an additional 47,669 shares in the last quarter. 78.55% of the stock is owned by hedge funds and other institutional investors.

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, 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, ATM processing, and wealth management and trust services.

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