Investment analysts at Stephens assumed coverage on shares of South State (NASDAQ:SSB) in a research report issued on Tuesday, The Fly reports. The brokerage set an “overweight” rating on the bank’s stock.
Several other brokerages also recently weighed in on SSB. DA Davidson upgraded South State from a “neutral” rating to a “buy” rating in a report on Monday, August 3rd. Raymond James initiated coverage on shares of South State in a research note on Wednesday, July 1st. They set an “outperform” rating and a $58.00 target price on the stock. Zacks Investment Research raised shares of South State from a “sell” rating to a “hold” rating in a report on Wednesday, August 5th. Truist Financial reiterated a “buy” rating on shares of South State in a research note on Wednesday, August 12th. Finally, ValuEngine downgraded shares of South State from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $70.60.
SSB stock opened at $59.08 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 0.98 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $4.19 billion, a PE ratio of 34.75 and a beta of 1.16. South State has a 12-month low of $40.42 and a 12-month high of $88.10. The business’s fifty day moving average price is $52.39 and its 200 day moving average price is $52.00.
In related news, CEO John C. Corbett acquired 2,500 shares of South State stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average price of $48.00 per share, for a total transaction of $120,000.00. Following the transaction, the chief executive officer now owns 37,817 shares of the company’s stock, valued at $1,815,216. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.43% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Private Capital Group LLC lifted its position in shares of South State by 34.2% during the 2nd quarter. Private Capital Group LLC now owns 769 shares of the bank’s stock worth $37,000 after buying an additional 196 shares during the last quarter. Connable Office Inc. lifted its position in shares of South State by 8.7% during the 2nd quarter. Connable Office Inc. now owns 4,341 shares of the bank’s stock worth $207,000 after buying an additional 349 shares during the last quarter. Trustcore Financial Services LLC purchased a new stake in shares of South State during the 2nd quarter worth approximately $26,000. Allworth Financial LP increased its holdings in shares of South State by 388.1% in the 2nd quarter. Allworth Financial LP now owns 737 shares of the bank’s stock valued at $35,000 after acquiring an additional 586 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of South State by 1.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 51,076 shares of the bank’s stock valued at $2,434,000 after acquiring an additional 671 shares during the period. Institutional investors and hedge funds own 73.31% of the company’s stock.
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 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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