South State (SSB) Upgraded to “Sell” at BidaskClub

BidaskClub upgraded shares of South State (NASDAQ:SSB) from a strong sell rating to a sell rating in a research note published on Thursday morning.

Other equities research analysts have also issued research reports about the stock. Stephens lowered shares of South State from an equal rating to a weight rating in a research note on Wednesday, October 24th. Sandler O’Neill reaffirmed a hold rating and set a $81.00 target price on shares of South State in a research note on Thursday, August 2nd. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $90.00 target price on shares of South State in a research note on Monday, August 6th. Brean Capital reaffirmed a hold rating on shares of South State in a research note on Monday, October 29th. Finally, FIG Partners lowered shares of South State from an outperform rating to a market perform rating in a research note on Tuesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. South State has an average rating of Hold and a consensus price target of $88.40.

SSB stock opened at $68.59 on Thursday. South State has a 12-month low of $61.26 and a 12-month high of $94.50. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 14.14 and a beta of 1.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.94 and a current ratio of 0.94.

South State (NASDAQ:SSB) last released its quarterly earnings data on Monday, October 22nd. The bank reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.11). South State had a net margin of 19.08% and a return on equity of 8.32%. The firm had revenue of $160.32 million during the quarter, compared to analysts’ expectations of $167.07 million. During the same quarter in the previous year, the firm posted $1.22 EPS. As a group, equities analysts predict that South State will post 5.49 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 16th. Investors of record on Friday, November 9th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, November 8th. This represents a $1.44 annualized dividend and a yield of 2.10%. This is a positive change from South State’s previous quarterly dividend of $0.35. South State’s payout ratio is presently 29.69%.

In related news, insider Joe E. Burns sold 4,261 shares of the business’s stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $69.24, for a total transaction of $295,031.64. Following the sale, the insider now owns 37,590 shares of the company’s stock, valued at $2,602,731.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Demere, Jr. acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The shares were acquired at an average cost of $63.12 per share, for a total transaction of $126,240.00. Following the purchase, the director now directly owns 44,360 shares of the company’s stock, valued at $2,800,003.20. The disclosure for this purchase can be found here. Insiders own 1.96% of the company’s stock.

A number of large investors have recently bought and sold shares of SSB. UBS Group AG boosted its stake in South State by 109.3% during the first quarter. UBS Group AG now owns 1,877 shares of the bank’s stock worth $160,000 after acquiring an additional 980 shares in the last quarter. Stevens Capital Management LP bought a new stake in South State during the second quarter worth about $232,000. First National Bank of Omaha bought a new stake in South State during the third quarter worth about $240,000. Glenmede Trust Co. NA boosted its stake in South State by 59.8% during the third quarter. Glenmede Trust Co. NA now owns 3,508 shares of the bank’s stock worth $287,000 after acquiring an additional 1,313 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of South State by 46.6% in the second quarter. Sei Investments Co. now owns 3,783 shares of the bank’s stock worth $327,000 after buying an additional 1,202 shares in the last quarter. 76.39% of the stock is currently owned by institutional investors and hedge funds.

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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