South State (SSB) Lowered to Sell at BidaskClub
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.
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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