South State (NASDAQ:SSB) Posts Quarterly Earnings Results, Beats Expectations By $0.87 EPS
South State (NASDAQ:SSB) posted its quarterly earnings results on Thursday. The bank reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.87, Fidelity Earnings reports. The company had revenue of $216.90 million for the quarter, compared to the consensus estimate of $215.65 million. South State had a net margin of 4.99% and a return on equity of 7.14%.
South State stock traded down $0.06 during midday trading on Friday, hitting $47.66. 513,643 shares of the company’s stock were exchanged, compared to its average volume of 304,280. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.01. South State has a 12 month low of $40.42 and a 12 month high of $88.10. The firm has a 50-day moving average of $47.98 and a two-hundred day moving average of $59.73. The company has a market cap of $1.60 billion, a PE ratio of 28.04 and a beta of 1.02.
Several research analysts recently commented on the stock. DA Davidson downgraded shares of South State from a “buy” rating to a “neutral” rating in a research note on Monday, April 27th. Raymond James assumed coverage on shares of South State in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $58.00 price target on the stock. ValuEngine raised shares of South State from a “sell” rating to a “hold” rating in a research note on Thursday, July 2nd. BidaskClub cut shares of South State from a “sell” rating to a “strong sell” rating in a report on Thursday, June 25th. Finally, SunTrust Banks increased their target price on shares of South State from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $70.20.
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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