South State (NASDAQ:SSB) Lowered to “Sell” at BidaskClub

South State (NASDAQ:SSB) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Thursday, November 9th.

SSB has been the topic of a number of other research reports. Zacks Investment Research lowered shares of South State from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th. Keefe, Bruyette & Woods raised shares of South State from a “market perform” rating to an “outperform” rating and set a $95.00 target price on the stock in a research note on Tuesday, July 25th. Piper Jaffray Companies reissued a “neutral” rating and issued a $90.00 target price on shares of South State in a research note on Thursday, October 5th. SunTrust Banks raised their target price on shares of South State from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, October 26th. Finally, Brean Capital reaffirmed a “hold” rating on shares of South State in a research note on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $95.67.

Shares of South State (NASDAQ:SSB) traded up $2.65 during trading on Thursday, reaching $90.45. 187,303 shares of the company’s stock were exchanged, compared to its average volume of 115,946. The stock has a market capitalization of $2,570.00, a PE ratio of 18.66, a PEG ratio of 2.32 and a beta of 1.09. South State has a 12 month low of $78.60 and a 12 month high of $93.85. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.92 and a current ratio of 0.93.

South State (NASDAQ:SSB) last announced its earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. South State had a net margin of 20.48% and a return on equity of 8.85%. The firm had revenue of $136.36 million for the quarter, compared to analyst estimates of $139.85 million. During the same quarter last year, the business earned $1.18 earnings per share. South State’s revenue was up 17.0% compared to the same quarter last year. research analysts predict that South State will post 4.72 earnings per share for the current fiscal year.

In other South State news, CFO John C. Pollok sold 8,283 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $90.56, for a total transaction of $750,108.48. Following the completion of the transaction, the chief financial officer now directly owns 83,714 shares of the company’s stock, valued at approximately $7,581,139.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert R. Hill, Jr. sold 13,024 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $91.85, for a total transaction of $1,196,254.40. Following the sale, the chief executive officer now owns 133,121 shares in the company, valued at $12,227,163.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,107 shares of company stock valued at $4,504,179. 2.78% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. raised its holdings in shares of South State by 47.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after purchasing an additional 497 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of South State by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after purchasing an additional 34 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of South State by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after purchasing an additional 20 shares in the last quarter. Strs Ohio raised its holdings in shares of South State by 38.5% in the 2nd quarter. Strs Ohio now owns 1,800 shares of the bank’s stock worth $154,000 after purchasing an additional 500 shares in the last quarter. Finally, D.A. Davidson & CO. raised its holdings in shares of South State by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after purchasing an additional 614 shares in the last quarter. Institutional investors own 69.92% 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.

Analyst Recommendations for South State (NASDAQ:SSB)

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