Macquarie Group Ltd. Has $2.22 Million Position in South State Corporation (SSB)

Macquarie Group Ltd. increased its holdings in South State Corporation (NASDAQ:SSB) by 11.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,600 shares of the bank’s stock after purchasing an additional 2,500 shares during the quarter. Macquarie Group Ltd. owned 0.08% of South State worth $2,215,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wells Fargo & Company MN increased its holdings in shares of South State by 1.5% in the second quarter. Wells Fargo & Company MN now owns 84,032 shares of the bank’s stock valued at $7,201,000 after purchasing an additional 1,209 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of South State by 16.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,249 shares of the bank’s stock valued at $1,906,000 after purchasing an additional 3,164 shares during the last quarter. BlackRock Inc. increased its holdings in shares of South State by 4.9% in the second quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock valued at $170,684,000 after purchasing an additional 92,562 shares during the last quarter. BRYN MAWR TRUST Co grew its position in South State by 14.7% in the second quarter. BRYN MAWR TRUST Co now owns 41,458 shares of the bank’s stock worth $3,553,000 after acquiring an additional 5,321 shares during the period. Finally, Voya Investment Management LLC grew its position in South State by 12.0% in the second quarter. Voya Investment Management LLC now owns 12,810 shares of the bank’s stock worth $1,098,000 after acquiring an additional 1,372 shares during the period. 69.94% of the stock is owned by institutional investors.

In other South State news, CFO John C. Pollok sold 8,283 shares of South State stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $90.56, for a total value of $750,108.48. Following the sale, the chief financial officer now owns 83,714 shares of the company’s stock, valued at approximately $7,581,139.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President John F. Windley sold 7,258 shares of South State stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $90.93, for a total value of $659,969.94. Following the completion of the sale, the president now directly owns 37,764 shares in the company, valued at approximately $3,433,880.52. The disclosure for this sale can be found here. Insiders have sold 56,365 shares of company stock worth $5,164,149 in the last quarter. Insiders own 2.78% of the company’s stock.

Several research analysts have recently commented on SSB shares. BidaskClub lowered South State from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a research report on Saturday, September 2nd. Brean Capital reiterated a “hold” rating on shares of South State in a research note on Monday, October 30th. Finally, SunTrust Banks reiterated a “buy” rating and issued a $98.00 price objective on shares of South State in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $97.33.

Shares of South State Corporation (NASDAQ:SSB) opened at $89.45 on Wednesday. South State Corporation has a 52 week low of $78.60 and a 52 week high of $94.50. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $3,330.45, a price-to-earnings ratio of 19.29, a price-to-earnings-growth ratio of 2.40 and a beta of 1.09.

South State (NASDAQ:SSB) last posted its 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. South State had a return on equity of 8.85% and a net margin of 20.48%. The business had revenue of $136.36 million for the quarter, compared to analysts’ expectations of $139.85 million. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The business’s revenue was up 17.0% compared to the same quarter last year. equities research analysts predict that South State Corporation will post 4.72 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 10th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend was Thursday, November 9th. South State’s dividend payout ratio (DPR) is currently 33.85%.

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South State 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.

Institutional Ownership by Quarter for South State (NASDAQ:SSB)

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