The South State Corporation (SSB) PT Raised to $102.00 at SunTrust Banks, Inc.

The South State Corporation (SSB) PT Raised to $102.00 at SunTrust Banks, Inc.

South State Corporation (NASDAQ:SSB) had its target price boosted by equities research analysts at SunTrust Banks, Inc. from $98.00 to $102.00 in a research report issued on Thursday. The brokerage presently has a “buy” rating on the bank’s stock. SunTrust Banks, Inc.’s target price would suggest a potential upside of 11.35% from the stock’s current price.

SSB has been the subject of a number of other reports. BidaskClub upgraded South State Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Zacks Investment Research downgraded South State Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 26th. Keefe, Bruyette & Woods upgraded 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 note on Tuesday, July 25th. Piper Jaffray Companies reiterated a “neutral” rating and issued a $90.00 price target on shares of South State Corporation in a research note on Thursday, October 5th. Finally, Brean Capital reiterated a “hold” rating on shares of South State Corporation in a research note on Monday. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $95.67.

South State Corporation (NASDAQ:SSB) traded up 1.42% during mid-day trading on Thursday, hitting $92.90. The stock had a trading volume of 63,196 shares. South State Corporation has a 12-month low of $70.75 and a 12-month high of $93.40. The firm has a market cap of $2.70 billion, a PE ratio of 24.27 and a beta of 1.10. The company has a 50-day moving average of $87.80 and a 200-day moving average of $85.73.

South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. The business had revenue of $136.36 million during the quarter, compared to the consensus estimate of $139.85 million. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period last year, the firm earned $1.18 earnings per share. Analysts expect that South State Corporation will post $4.76 earnings per share for the current year.

In other South State Corporation news, insider Joe E. Burns sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $83.39, for a total value of $41,695.00. Following the transaction, the insider now owns 39,947 shares of the company’s stock, valued at $3,331,180.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was 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 in the company, valued at approximately $11,511,651.50. The disclosure for this sale can be found here. Insiders sold 3,581 shares of company stock worth $294,408 in the last three months. 2.78% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SSB. BlackRock Inc. lifted its holdings in South State Corporation by 15,348.4% in the first quarter. BlackRock Inc. now owns 1,899,075 shares of the bank’s stock worth $169,681,000 after acquiring an additional 1,886,782 shares during the last quarter. Vanguard Group Inc. lifted its holdings in South State Corporation by 21.8% in the first quarter. Vanguard Group Inc. now owns 2,189,012 shares of the bank’s stock worth $195,589,000 after acquiring an additional 391,665 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in South State Corporation by 22.9% in the second quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock worth $82,766,000 after acquiring an additional 179,644 shares during the last quarter. Wasatch Advisors Inc. lifted its holdings in South State Corporation by 46.6% in the second quarter. Wasatch Advisors Inc. now owns 521,307 shares of the bank’s stock worth $44,676,000 after acquiring an additional 165,801 shares during the last quarter. Finally, Westwood Holdings Group Inc. lifted its holdings in South State Corporation by 37.8% in the second quarter. Westwood Holdings Group Inc. now owns 505,381 shares of the bank’s stock worth $43,269,000 after acquiring an additional 138,626 shares during the last quarter. 66.68% of the stock is currently 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.

Related posts

Leave a Comment