SunTrust Robinson Believes South State (NASDAQ: SSB) Still Has Room to Grow

By Jason Carr

In a report issued on October 10, Jennifer Demba from SunTrust Robinson reiterated a Buy rating on South State (NASDAQ: SSB), with a price target of $98. The company’s shares opened today at $92.50, close to its 52-week high of $93.40.

According to TipRanks.com, Demba is a 5-star analyst with an average return of 11.1% and a 85.0% success rate. Demba covers the Financial sector, focusing on stocks such as Seacoast Banking Corporation Of Florida, Pinnacle Financial Partners, and Atlantic Capital Bancshares.

Currently, the analyst consensus on South State is Moderate Buy and the average price target is $94.50, representing a 2.2% upside.

In a report issued on October 3, KBW also reiterated a Buy rating on the stock with a $95 price target.

Based on South State’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $142 million and quarterly net profit of $31.82 million. In comparison, last year the company earned revenue of $120 million and had a net profit of $28.1 million.

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South State Corp. is a bank holding company. The company through its subsidiary provides banking services; South State Bank serves the financial needs of local communities in South Carolina, Georgia and North Carolina. South State was founded on February 22, 1985 and is headquartered in Columbia, SC.