US Bancorp DE increased its stake in South State Co. (NASDAQ:SSB) by 7.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,864 shares of the bank’s stock after acquiring an additional 990 shares during the period. US Bancorp DE’s holdings in South State were worth $1,295,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SSB. Victory Capital Management Inc. lifted its stake in South State by 23.1% in the third quarter. Victory Capital Management Inc. now owns 1,070,254 shares of the bank’s stock worth $96,376,000 after purchasing an additional 201,107 shares during the last quarter. Atlanta Capital Management Co. L L C bought a new stake in South State in the third quarter worth about $8,013,000. State Street Corp lifted its stake in South State by 12.3% in the second quarter. State Street Corp now owns 750,262 shares of the bank’s stock worth $64,298,000 after purchasing an additional 82,172 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in South State by 30.7% in the third quarter. Russell Investments Group Ltd. now owns 301,051 shares of the bank’s stock worth $27,110,000 after purchasing an additional 70,723 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new stake in South State in the fourth quarter worth about $5,850,000. Institutional investors own 65.06% of the company’s stock.
Shares of South State Co. (SSB) opened at $90.55 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.92 and a current ratio of 0.93. South State Co. has a 12 month low of $78.60 and a 12 month high of $94.50. The firm has a market cap of $3,328.59, a P/E ratio of 18.67, a PEG ratio of 1.95 and a beta of 1.05.
South State (NASDAQ:SSB) last posted its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.11. South State had a net margin of 15.22% and a return on equity of 9.04%. The firm had revenue of $151.37 million during the quarter, compared to the consensus estimate of $147.91 million. During the same quarter in the previous year, the firm posted $1.15 earnings per share. The company’s revenue was up 33.4% on a year-over-year basis. sell-side analysts expect that South State Co. will post 5.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Thursday, February 8th. South State’s dividend payout ratio is presently 44.30%.
In other news, CEO Robert R. Hill, Jr. sold 8,878 shares of South State stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $89.12, for a total transaction of $791,207.36. Following the completion of the sale, the chief executive officer now owns 110,441 shares of the company’s stock, valued at $9,842,501.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Keith S. Rainwater sold 315 shares of South State stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $91.00, for a total transaction of $28,665.00. Following the sale, the insider now directly owns 5,013 shares of the company’s stock, valued at approximately $456,183. The disclosure for this sale can be found here. Insiders have sold 45,095 shares of company stock valued at $4,023,621 in the last ninety days. Insiders own 2.78% of the company’s stock.
Several analysts have issued reports on the stock. BidaskClub raised shares of South State from a “strong sell” rating to a “sell” rating in a research note on Monday, February 5th. Brean Capital reissued a “hold” rating on shares of South State in a research note on Monday, February 5th. SunTrust Banks reissued a “buy” rating and issued a $108.00 price objective on shares of South State in a research note on Wednesday, January 24th. Finally, Zacks Investment Research raised shares of South State from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective for the company in a research note on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. South State currently has an average rating of “Hold” and an average price target of $98.75.
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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.
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