Arbor Investment Advisors LLC purchased a new position in shares of South State Co. (NASDAQ:SSB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,613 shares of the bank’s stock, valued at approximately $751,000. South State makes up about 0.3% of Arbor Investment Advisors LLC’s investment portfolio, making the stock its 20th largest holding.
A number of other large investors have also recently added to or reduced their stakes in SSB. Oppenheimer Asset Management Inc. raised its stake in shares of South State by 47.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock valued at $132,000 after acquiring an additional 497 shares in the last quarter. SG Americas Securities LLC raised its stake in South State by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after buying an additional 20 shares in the last quarter. D.A. Davidson & CO. raised its stake in South State by 48.5% in the second quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock valued at $161,000 after buying an additional 614 shares in the last quarter. Stevens Capital Management LP acquired a new stake in South State in the second quarter valued at $206,000. Finally, Teacher Retirement System of Texas acquired a new stake in South State in the third quarter valued at $207,000. Institutional investors own 55.75% of the company’s stock.
In other news, 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 transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joe E. Burns sold 6,548 shares of South State stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $92.39, for a total transaction of $604,969.72. Following the sale, the insider now owns 37,595 shares of the company’s stock, valued at $3,473,402.05. The disclosure for this sale can be found here. Insiders sold a total of 72,620 shares of company stock worth $6,611,006 in the last ninety days. 2.78% of the stock is owned by corporate insiders.
Shares of South State Co. (NASDAQ:SSB) traded up $0.70 on Wednesday, reaching $91.05. The company’s stock had a trading volume of 118,545 shares, compared to its average volume of 150,336. South State Co. has a 12 month low of $78.60 and a 12 month high of $94.50. The stock has a market cap of $3,358.00, a price-to-earnings ratio of 23.35, a PEG ratio of 2.11 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.93 and a quick ratio of 0.92.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating 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 company had revenue of $136.36 million for the quarter, compared to analyst estimates of $139.85 million. During the same quarter in the previous year, the company earned $1.18 EPS. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. equities analysts predict that South State Co. will post 4.72 EPS for the current fiscal year.
A number of analysts have weighed in on SSB shares. Brean Capital restated a “hold” rating on shares of South State in a research note on Monday, October 23rd. BidaskClub raised South State from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 5th. Zacks Investment Research lowered South State from a “hold” rating to a “sell” rating in a report on Friday, October 27th. SunTrust Banks raised their price objective on South State from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and set a $90.00 price objective on shares of South State in a report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. South State has an average rating of “Hold” and an average target price of $98.50.
About South State
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.
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