South State (SSB) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of South State (NASDAQ:SSB) from a hold rating to a strong-buy rating in a report released on Thursday. They currently have $102.00 price objective on the bank’s stock.
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. “
A number of other analysts have also commented on the stock. Brean Capital reissued a hold rating on shares of South State in a research report on Monday, October 23rd. BidaskClub upgraded shares of South State from a buy rating to a strong-buy rating in a report on Thursday, October 5th. SunTrust Banks boosted their target price on shares of South State from $98.00 to $102.00 and gave the stock a buy rating in a report on Thursday, October 26th. Finally, Piper Jaffray Companies restated a neutral rating and set a $90.00 target price on shares of South State in a report on Thursday, October 5th. One research 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 company’s stock. The company currently has an average rating of Hold and an average price target of $98.50.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. The business had revenue of $136.36 million for the quarter, compared to analyst estimates of $139.85 million. South State had a net margin of 20.48% and a return on equity of 8.85%. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 earnings per share. equities analysts predict that South State will post 4.72 EPS for the current year.
In related news, Director James C. Cherry sold 16,255 shares of the business’s stock in a transaction on 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 $2,047,853.07. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President John F. Windley sold 7,258 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $90.93, for a total transaction of $659,969.94. Following the transaction, the president now owns 37,764 shares in the company, valued at $3,433,880.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,620 shares of company stock worth $6,611,006. 2.78% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN increased its holdings in shares of South State by 1.5% in the second quarter. Wells Fargo & Company MN now owns 84,032 shares of the bank’s stock valued at $7,201,000 after purchasing an additional 1,209 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of South State by 16.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,249 shares of the bank’s stock valued at $1,906,000 after purchasing an additional 3,164 shares during the last quarter. BlackRock Inc. increased its holdings in shares of South State by 4.9% in the second quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock valued at $170,684,000 after purchasing an additional 92,562 shares during the last quarter. BRYN MAWR TRUST Co increased its holdings in shares of South State by 14.7% in the second quarter. BRYN MAWR TRUST Co now owns 41,458 shares of the bank’s stock valued at $3,553,000 after purchasing an additional 5,321 shares during the last quarter. Finally, Voya Investment Management LLC increased its holdings in shares of South State by 12.0% in the second quarter. Voya Investment Management LLC now owns 12,810 shares of the bank’s stock valued at $1,098,000 after purchasing an additional 1,372 shares during the last quarter. Hedge funds and other institutional investors own 55.75% of the company’s stock.
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About South State
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.
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