South State Corp (NASDAQ:SSB) Receives Consensus Rating of “Hold” from Brokerages

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South State Corp (NASDAQ:SSB) has been assigned a consensus rating of “Hold” from the ten analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $78.25.

SSB has been the topic of several recent research reports. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. TheStreet upgraded South State from a “c+” rating to a “b-” rating in a research note on Tuesday, March 19th. BidaskClub downgraded South State from a “hold” rating to a “sell” rating in a research note on Thursday, March 14th. Finally, SunTrust Banks upped their price target on South State to $85.00 and gave the stock an “in-line” rating in a research note on Wednesday, May 1st.

Shares of SSB stock traded up $1.21 during midday trading on Tuesday, reaching $75.21. 110,291 shares of the stock were exchanged, compared to its average volume of 162,189. South State has a 1 year low of $56.55 and a 1 year high of $90.80. The company has a 50 day simple moving average of $71.06. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 13.67 and a beta of 1.32.

South State (NASDAQ:SSB) last posted its quarterly earnings results on Monday, April 29th. The bank reported $1.26 earnings per share for the quarter, hitting the consensus estimate of $1.26. The company had revenue of $155.33 million for the quarter, compared to the consensus estimate of $158.86 million. South State had a return on equity of 8.27% and a net margin of 25.49%. During the same quarter in the prior year, the business posted $1.39 EPS. As a group, research analysts forecast that South State will post 5.33 earnings per share for the current fiscal year.

In related news, Director James C. Cherry sold 1,785 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $75.96, for a total value of $135,588.60. Following the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $531,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Keith S. Rainwater sold 548 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $73.60, for a total value of $40,332.80. Following the completion of the transaction, the insider now directly owns 5,398 shares in the company, valued at $397,292.80. The disclosure for this sale can be found here. Corporate insiders own 2.05% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank bought a new position in shares of South State during the 4th quarter valued at $26,000. FTB Advisors Inc. bought a new position in shares of South State during the 4th quarter valued at $31,000. Bremer Trust National Association bought a new position in shares of South State during the 4th quarter valued at $32,000. Bremer Bank National Association bought a new position in shares of South State during the 1st quarter valued at $40,000. Finally, Synovus Financial Corp lifted its holdings in shares of South State by 80.7% during the 1st quarter. Synovus Financial Corp now owns 1,245 shares of the bank’s stock valued at $85,000 after buying an additional 556 shares during the period. 79.22% of the stock is currently 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 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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Analyst Recommendations for South State (NASDAQ:SSB)

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