South State Corporation (SSB) Stock Rating Upgraded by BidaskClub

South State Corporation (NASDAQ:SSB) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday.

A number of other research firms have also issued reports on SSB. Zacks Investment Research lowered shares of South State Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. Keefe, Bruyette & Woods raised shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 price target for the company in a research report on Tuesday, July 25th. Finally, Brean Capital reissued a “hold” rating on shares of South State Corporation in a research report on Wednesday, August 2nd. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $96.50.

Shares of South State Corporation (NASDAQ:SSB) opened at 80.95 on Friday. South State Corporation has a one year low of $70.75 and a one year high of $93.40. The stock has a market capitalization of $2.36 billion, a PE ratio of 21.15 and a beta of 1.08. The firm’s 50-day moving average is $82.10 and its 200-day moving average is $85.57.

South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Friday, July 21st. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The company had revenue of $136.61 million during the quarter, compared to analyst estimates of $137.00 million. On average, analysts expect that South State Corporation will post $4.75 earnings per share for the current fiscal year.

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In other news, CEO Robert R. Hill, Jr. sold 2,831 shares of South State Corporation stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $82.10, for a total transaction of $232,425.10. Following the completion of the transaction, the chief executive officer now directly owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joe E. Burns sold 500 shares of South State Corporation stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $83.39, for a total transaction of $41,695.00. Following the transaction, the insider now directly owns 39,947 shares of the company’s stock, valued at $3,331,180.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,581 shares of company stock valued at $294,408. Insiders own 2.78% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of South State Corporation by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,227,745 shares of the bank’s stock valued at $190,918,000 after purchasing an additional 38,733 shares in the last quarter. BlackRock Inc. increased its holdings in shares of South State Corporation by 4.9% during the 2nd quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock valued at $170,684,000 after purchasing an additional 92,562 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of South State Corporation by 44.9% during the 1st quarter. Wellington Management Group LLP now owns 1,138,922 shares of the bank’s stock valued at $101,762,000 after purchasing an additional 353,057 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of South State Corporation by 22.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock valued at $82,766,000 after purchasing an additional 179,644 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of South State Corporation by 1.1% during the 2nd quarter. Victory Capital Management Inc. now owns 869,147 shares of the bank’s stock valued at $74,486,000 after purchasing an additional 9,633 shares in the last quarter. 66.71% of the stock is owned by hedge funds and other 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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