South State Corp (NASDAQ:SSB) – Stock analysts at SunTrust Banks lifted their Q3 2020 earnings per share (EPS) estimates for shares of South State in a research note issued to investors on Tuesday, June 30th. SunTrust Banks analyst J. Demba now anticipates that the bank will earn $1.23 per share for the quarter, up from their prior estimate of $1.16. SunTrust Banks currently has a “Buy” rating and a $70.00 target price on the stock. SunTrust Banks also issued estimates for South State’s Q4 2020 earnings at $1.19 EPS, Q1 2021 earnings at $1.16 EPS and Q4 2021 earnings at $1.43 EPS.
South State (NASDAQ:SSB) last posted its earnings results on Thursday, April 23rd. The bank reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.52). The business had revenue of $172.15 million during the quarter, compared to analysts’ expectations of $157.03 million. South State had a return on equity of 7.58% and a net margin of 22.14%. During the same quarter in the previous year, the business earned $1.26 EPS.
SSB stock opened at $47.02 on Wednesday. The firm has a 50 day moving average of $50.44 and a 200-day moving average of $65.85. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. South State has a 12 month low of $40.42 and a 12 month high of $88.10. The firm has a market capitalization of $1.49 billion, a P/E ratio of 9.74 and a beta of 1.01.
Institutional investors have recently modified their holdings of the business. Nuveen Asset Management LLC increased its position in South State by 7.4% during the 1st quarter. Nuveen Asset Management LLC now owns 172,115 shares of the bank’s stock valued at $10,109,000 after purchasing an additional 11,859 shares during the period. Geode Capital Management LLC grew its position in shares of South State by 6.2% in the 1st quarter. Geode Capital Management LLC now owns 493,286 shares of the bank’s stock worth $28,970,000 after buying an additional 28,624 shares during the period. First Bank & Trust grew its position in shares of South State by 139.6% in the 1st quarter. First Bank & Trust now owns 1,198 shares of the bank’s stock worth $70,000 after buying an additional 698 shares during the period. Rhumbline Advisers grew its position in shares of South State by 5.1% in the 1st quarter. Rhumbline Advisers now owns 69,343 shares of the bank’s stock worth $4,073,000 after buying an additional 3,344 shares during the period. Finally, US Bancorp DE grew its position in shares of South State by 6.8% in the 1st quarter. US Bancorp DE now owns 14,341 shares of the bank’s stock worth $842,000 after buying an additional 910 shares during the period. 80.24% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director David G. Salyers bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were bought at an average cost of $51.59 per share, with a total value of $103,180.00. Insiders own 2.05% of the company’s stock.
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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