Rating Change: Is South State (NASDAQ:SSB) Worth Your Time After Placed Keefe Bruyette & Woods’s Downgrade?

November 29, 2016 - By Peter Erickson

Rating Change: Is South State (NASDAQ:SSB) Worth Your Time After Placed Keefe Bruyette & Woods's Downgrade?

South State (NASDAQ:SSB) Downgrade

New York-listed South State (NASDAQ:SSB), was downgraded by equity analysts at Keefe Bruyette & Woods. Keefe Bruyette & Woods downgraded its rating on the $2.05 billion market cap company to a Market Perform from a previous Outperform.

South State Corporation (NASDAQ:SSB) Ratings Coverage

Out of 4 analysts covering South State Corp (NASDAQ:SSB), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. $82 is the highest target while $78 is the lowest. The $80 average target is -6.38% below today’s ($85.45) stock price. South State Corp has been the topic of 5 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Monday, June 20 by Wood. The firm earned “Outperform” rating on Monday, January 25 by FIG Partners. The rating was initiated by Stephens on Wednesday, December 2 with “Equal-Weight”. Piper Jaffray initiated South State Corporation (NASDAQ:SSB) on Monday, September 21 with “Neutral” rating.

About 54,373 shares traded hands. South State Corporation (NASDAQ:SSB) has risen 19.12% since April 26, 2016 and is uptrending. It has outperformed by 13.86% the S&P500.

Analysts await South State Corporation (NASDAQ:SSB) to report earnings on January, 27. They expect $1.15 EPS, up 3.60% or $0.04 from last year’s $1.11 per share. SSB’s profit will be $27.59M for 18.58 P/E if the $1.15 EPS becomes a reality. After $1.18 actual EPS reported by South State Corporation for the previous quarter, Wall Street now forecasts -2.54% negative EPS growth.

According to Zacks Investment Research, “South State Corporation is a bank holding company for South State Bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. It offers demand, time and savings deposits, lending and credit card servicing; automated teller machine processing; and wealth management and trust services. South State Corporation, formerly known as First Financial Holdings, Inc., is headquartered in South Carolina.”

SSB Company Profile

South State Corporation (South State), formerly First Financial Holdings, Inc., incorporated on February 22, 1985, is a bank holding company. The Firm provides a range of banking services and products to its clients through its bank subsidiary, South State Bank (the Bank), a South Carolina-chartered commercial bank. The Bank provides a range of retail and commercial banking services, mortgage lending services, trust and investment services, and consumer finance loans. The Firm serves clients and conducts its business from over 120 financial centers in over 20 South Carolina counties, over four North Carolina counties, over 10 northeast Georgia counties and approximately two coastal Georgia counties. Through the Bank, the Company provides its clients with checking accounts, Negotiable Order of Withdrawal (NOW) accounts, savings and time deposits of various types, brokerage services and alternative investment products, such as annuities and mutual funds, trust and asset management services, business loans, agriculture loans, real estate loans, personal use loans, home improvement loans, automobile loans, credit cards, letters of credit, home equity lines of credit, safe deposit boxes, bank money orders, wire transfer services, correspondent banking services and use of automated teller machine (ATM) facilities.

More recent South State Corporation (NASDAQ:SSB) news were published by: Nasdaq.com which released: “5 Reasons to Buy South State Corp. (SSB) Stock Now” on November 15, 2016. Also Forbes.com published the news titled: “Ex-Dividend Reminder: South State, Charles Schwab and Great Western Bancorp” on August 08, 2016. Businesswire.com‘s news article titled: “Windley Promoted to President and CEO of South State Bank” with publication date: March 22, 2016 was also an interesting one.

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