BidaskClub lowered shares of South State (NASDAQ:SSB) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

Several other research analysts have also issued reports on SSB. Brean Capital restated a hold rating on shares of South State in a research report on Monday, August 27th. Zacks Investment Research downgraded shares of South State from a hold rating to a sell rating in a research note on Wednesday, June 27th. ValuEngine downgraded shares of South State from a hold rating to a sell rating in a research note on Tuesday, July 31st. Sandler O’Neill reaffirmed a hold rating and set a $81.00 price target on shares of South State in a research note on Thursday, August 2nd. Finally, FIG Partners downgraded shares of South State from an outperform rating to a market perform rating in a research note on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $94.00.

Shares of NASDAQ:SSB traded down $1.83 during trading hours on Friday, hitting $75.06. 207,673 shares of the company’s stock traded hands, compared to its average volume of 161,034. South State has a 1 year low of $74.88 and a 1 year high of $94.50. The firm has a market capitalization of $2.83 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.68 and a beta of 0.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.94 and a quick ratio of 0.93.

South State (NASDAQ:SSB) last announced its earnings results on Monday, July 30th. The bank reported $1.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.04). South State had a net margin of 18.27% and a return on equity of 8.41%. The business had revenue of $167.10 million for the quarter, compared to analysts’ expectations of $177.03 million. During the same quarter last year, the firm earned $1.18 EPS. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. Equities research analysts expect that South State will post 5.72 EPS for the current fiscal year.

In related news, Director Martin Bernard Davis purchased 1,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was purchased at an average price of $84.03 per share, with a total value of $84,030.00. Following the completion of the purchase, the director now owns 1,820 shares of the company’s stock, valued at approximately $152,934.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.96% of the company’s stock.

Large investors have recently modified their holdings of the stock. UBS Group AG raised its stake in South State by 109.3% in the first quarter. UBS Group AG now owns 1,877 shares of the bank’s stock worth $160,000 after buying an additional 980 shares in the last quarter. Sei Investments Co. raised its stake in South State by 130.7% in the first quarter. Sei Investments Co. now owns 2,581 shares of the bank’s stock worth $220,000 after buying an additional 1,462 shares in the last quarter. Stevens Capital Management LP bought a new position in South State in the second quarter worth approximately $232,000. LPL Financial LLC raised its stake in South State by 16.4% in the first quarter. LPL Financial LLC now owns 4,294 shares of the bank’s stock worth $366,000 after buying an additional 605 shares in the last quarter. Finally, Xact Kapitalforvaltning AB raised its stake in South State by 46.4% in the first quarter. Xact Kapitalforvaltning AB now owns 5,051 shares of the bank’s stock worth $431,000 after buying an additional 1,600 shares in the last quarter. 72.94% of the stock is 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, 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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Analyst Recommendations for South State (NASDAQ:SSB)

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