South State Corporation (NASDAQ:SSB) has been assigned an average recommendation of “Hold” from the six brokerages that are presently covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $92.00.
SSB has been the topic of several research analyst reports. Zacks Investment Research raised South State Corporation from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research report on Thursday, March 30th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $92.00 target price on shares of South State Corporation in a research report on Monday, April 10th. Stephens reissued a “hold” rating on shares of South State Corporation in a research report on Friday, May 12th. Finally, BidaskClub raised South State Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th.
Shares of South State Corporation (NASDAQ:SSB) traded down 0.92% during midday trading on Friday, hitting $85.95. The stock had a trading volume of 101,774 shares. South State Corporation has a one year low of $68.00 and a one year high of $93.40. The stock has a market cap of $2.50 billion, a PE ratio of 22.99 and a beta of 1.10. The firm has a 50 day moving average price of $84.93 and a 200 day moving average price of $87.37.
South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Friday, April 21st. The bank reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. The company had revenue of $133.80 million for the quarter, compared to analyst estimates of $134.35 million. South State Corporation had a return on equity of 9.59% and a net margin of 19.52%. On average, equities analysts forecast that South State Corporation will post $4.74 earnings per share for the current fiscal year.
In other South State Corporation news, insider Joe E. Burns sold 1,950 shares of South State Corporation stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $85.00, for a total transaction of $165,750.00. Following the transaction, the insider now owns 42,795 shares of the company’s stock, valued at $3,637,575. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Keith S. Rainwater sold 300 shares of South State Corporation stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $86.10, for a total value of $25,830.00. Following the transaction, the insider now directly owns 5,328 shares in the company, valued at approximately $458,740.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,765 shares of company stock worth $832,259. 2.78% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Strs Ohio raised its position in South State Corporation by 116.7% in the first quarter. Strs Ohio now owns 1,300 shares of the bank’s stock valued at $116,000 after buying an additional 700 shares during the period. Advisory Services Network LLC purchased a new position in South State Corporation during the first quarter valued at approximately $165,000. Ameritas Investment Partners Inc. purchased a new position in South State Corporation during the first quarter valued at approximately $197,000. Virginia Retirement Systems ET AL purchased a new position in South State Corporation during the first quarter valued at approximately $206,000. Finally, Oxford Asset Management purchased a new position in South State Corporation during the first quarter valued at approximately $223,000. 62.74% of the stock is currently owned by institutional investors.
South State Corporation Company Profile
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.
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