South State Corp (NASDAQ:SSB) insider Keith S. Rainwater sold 519 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $82.00, for a total value of $42,558.00. Following the completion of the sale, the insider now owns 6,211 shares in the company, valued at $509,302. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
SSB opened at $81.16 on Friday. The stock’s fifty day moving average is $77.22 and its two-hundred day moving average is $74.60. The company has a market capitalization of $2.77 billion, a P/E ratio of 14.76 and a beta of 1.34. South State Corp has a 52 week low of $56.55 and a 52 week high of $83.64. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.35.
South State (NASDAQ:SSB) last released its quarterly earnings data on Monday, October 28th. The bank reported $1.49 EPS for the quarter, topping the consensus estimate of $1.43 by $0.06. The company had revenue of $164.96 million for the quarter, compared to the consensus estimate of $163.79 million. South State had a return on equity of 8.22% and a net margin of 25.53%. South State’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the business posted $1.33 EPS. Equities analysts anticipate that South State Corp will post 5.49 earnings per share for the current year.
Several brokerages have recently weighed in on SSB. BidaskClub upgraded South State from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a report on Friday, August 9th. ValuEngine downgraded South State from a “hold” rating to a “sell” rating in a report on Monday, October 21st. SunTrust Banks raised their price objective on South State from $88.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Stephens upgraded South State from an “underweight” rating to an “equal weight” rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $77.33.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Earnest Partners LLC increased its holdings in 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 during the period. Wasatch Advisors Inc. boosted its position in South State by 77.6% during the 2nd quarter. Wasatch Advisors Inc. now owns 366,446 shares of the bank’s stock valued at $26,996,000 after acquiring an additional 160,073 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in South State during the 2nd quarter valued at $11,164,000. Great Lakes Advisors LLC bought a new stake in South State during the 3rd quarter valued at $4,257,000. Finally, Bank of New York Mellon Corp boosted its position in 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 valued at $53,668,000 after acquiring an additional 35,277 shares in the last quarter. Institutional investors own 79.96% of the company’s stock.
About South State
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.
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