In this paper, the earlier formulation of the SHB8PS finite element is revised in order to eliminate some persistent membrane and shear locking phenomena. This new formulation consists of a solid-shell element based on a purely three-dimensional approach. More specifically, the element has eight nodes, with displacements as the only degrees of freedom, as well as an arbitrary number of integration points, with a minimum number of two, distributed along the 'thickness' direction. The resulting derivation, which is computationally efficient, can then be used for the modeling of thin structures, while providing an accurate description of the various through-thickness phenomena. A reduced integration scheme is used to prevent some locking phenomena and to achieve an attractive, low-cost formulation. The spurious zero-energy modes due to this in-plane one-point quadrature are efficiently controlled using a physical stabilization procedure, whereas the strain components corresponding to locking modes are eliminated with a projection technique following the assumed strain method. In addition to the extended and detailed formulation presented in this paper, particular attention has been focused on providing full justification regarding the identification of hourglass modes in relation to rank deficiencies. Moreover, an attempt has been made to provide a sound foundation to the derivation of the co-rotational coordinate frame, on which the calculations of the stabilization stiffness matrix and internal load vector are based. Finally to assess the effectiveness and performance of this new formulation, a set of popular benchmark problems is investigated, involving geometric non-linear analyses as well as elastic-plastic stability issues.