Brokerages Set South State Co. (NASDAQ:SSB) Target Price at $79.84

South State Co. (NASDAQ:SSB) has earned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $79.84.

A number of equities research analysts recently issued reports on SSB shares. Zacks Investment Research raised shares of South State from a “sell” rating to a “hold” rating in a research note on Wednesday, November 3rd. Raymond James upgraded shares of South State from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a research note on Thursday, December 16th. Finally, DA Davidson raised shares of South State from a “neutral” rating to a “buy” rating and set a $81.00 price target for the company in a research report on Tuesday, September 21st.

In other South State news, Chairman Robert R. Hill, Jr. sold 6,118 shares of the firm’s stock in a transaction dated Tuesday, November 23rd. The stock was sold at an average price of $83.00, for a total value of $507,794.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.79% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Amundi acquired a new stake in shares of South State during the second quarter worth $247,000. HBK Sorce Advisory LLC lifted its position in shares of South State by 8.2% during the 2nd quarter. HBK Sorce Advisory LLC now owns 36,037 shares of the bank’s stock worth $2,946,000 after purchasing an additional 2,742 shares during the last quarter. Citigroup Inc. lifted its position in shares of South State by 9.0% during the 2nd quarter. Citigroup Inc. now owns 47,791 shares of the bank’s stock worth $3,908,000 after purchasing an additional 3,929 shares during the last quarter. Toronto Dominion Bank lifted its position in shares of South State by 20.9% during the 2nd quarter. Toronto Dominion Bank now owns 1,126 shares of the bank’s stock worth $92,000 after purchasing an additional 195 shares during the last quarter. Finally, Synovus Financial Corp lifted its position in shares of South State by 2.4% during the 3rd quarter. Synovus Financial Corp now owns 11,050 shares of the bank’s stock worth $823,000 after purchasing an additional 264 shares during the last quarter. Institutional investors and hedge funds own 82.03% of the company’s stock.

NASDAQ:SSB opened at $93.14 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market capitalization of $6.50 billion, a P/E ratio of 14.55 and a beta of 0.95. South State has a one year low of $62.60 and a one year high of $93.26. The company’s 50-day simple moving average is $81.97 and its 200 day simple moving average is $76.69.

South State (NASDAQ:SSB) last announced its earnings results on Wednesday, October 27th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.41. The company had revenue of $347.00 million during the quarter, compared to analyst estimates of $344.72 million. South State had a net margin of 31.07% and a return on equity of 11.16%. The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.58 earnings per share. On average, equities research analysts expect that South State will post 7.38 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 19th. Stockholders of record on Friday, November 12th were paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Wednesday, November 10th. South State’s dividend payout ratio (DPR) is presently 30.63%.

South State Company Profile

South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits; lending and credit card servicing; ATM processing; mortgage banking services; correspondent banking services and wealth management; and trust services.

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Analyst Recommendations for South State (NASDAQ:SSB)

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