SunTrust Banks set a $88.00 price objective on South State (NASDAQ:SSB) in a report released on Wednesday, TipRanks reports. The brokerage currently has a buy rating on the bank’s stock.
A number of other brokerages 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. Stephens reaffirmed a sell rating and issued a $63.00 price target on shares of South State in a research report on Wednesday, August 7th. BidaskClub raised South State from a hold rating to a buy rating in a research report on Tuesday. Finally, ValuEngine raised South State from a sell rating to a hold rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. South State presently has a consensus rating of Hold and a consensus price target of $76.67.
Shares of SSB stock traded down $0.66 during trading on Wednesday, reaching $76.05. The company had a trading volume of 198,548 shares, compared to its average volume of 163,723. The firm’s 50 day simple moving average is $75.01 and its two-hundred day simple moving average is $72.80. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.99 and a quick ratio of 0.98. South State has a one year low of $56.55 and a one year high of $85.50. The company has a market capitalization of $2.62 billion, a PE ratio of 13.83 and a beta of 1.35.
South State (NASDAQ:SSB) last issued its quarterly earnings data on Monday, July 29th. The bank reported $1.40 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $164.80 million for the quarter, compared to the consensus estimate of $159.75 million. During the same period last year, the business earned $1.43 EPS. Analysts forecast that South State will post 5.49 earnings per share for the current year.
In other South State news, Director Robert R. Horger sold 8,339 shares of South State 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 transaction, the director now directly owns 75,231 shares of the company’s stock, valued at approximately $5,642,325. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John C. Pollok sold 7,434 shares of South State stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $75.00, for a total value of $557,550.00. Following the sale, the chief financial officer now directly owns 99,346 shares in the company, valued at approximately $7,450,950. The disclosure for this sale can be found here. Insiders own 2.05% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of South State by 1.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,635,825 shares of the bank’s stock worth $120,511,000 after purchasing an additional 22,349 shares in the last quarter. Earnest Partners LLC grew its holdings in shares of South State by 25.2% during the 2nd quarter. Earnest Partners LLC now owns 1,017,729 shares of the bank’s stock worth $74,976,000 after purchasing an additional 204,920 shares in the last quarter. Fenimore Asset Management Inc. grew its holdings in shares of South State by 0.5% during the 2nd quarter. Fenimore Asset Management Inc. now owns 897,525 shares of the bank’s stock worth $66,121,000 after purchasing an additional 4,557 shares in the last quarter. Northern Trust Corp grew its holdings in shares of South State by 1.2% during the 2nd quarter. Northern Trust Corp now owns 798,864 shares of the bank’s stock worth $58,851,000 after purchasing an additional 9,524 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of South State by 5.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 728,473 shares of the bank’s stock worth $53,668,000 after purchasing an additional 35,277 shares in the last quarter. 80.17% of the stock is currently owned by 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.
See Also: Earnings Per Share (EPS)
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