Royal Bank of Canada raised its holdings in shares of South State Corporation (NASDAQ:SSB) by 3.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,945 shares of the bank’s stock after purchasing an additional 147 shares during the quarter. Royal Bank of Canada’s holdings in South State Corporation were worth $337,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in SSB. Wells Fargo & Company MN grew its stake in shares of South State Corporation by 1.5% in the 2nd quarter. Wells Fargo & Company MN now owns 84,032 shares of the bank’s stock worth $7,201,000 after acquiring an additional 1,209 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of South State Corporation by 12.1% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 106,232 shares of the bank’s stock worth $9,492,000 after acquiring an additional 11,460 shares in the last quarter. BlackRock Inc. grew its stake in shares of South State Corporation by 4.9% in the 2nd quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock worth $170,684,000 after acquiring an additional 92,562 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in shares of South State Corporation in the 1st quarter worth $785,000. Finally, BRYN MAWR TRUST Co grew its stake in shares of South State Corporation by 14.7% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.
South State Corporation (NASDAQ:SSB) opened at $87.55 on Friday. The firm has a market cap of $2,600.00, a PE ratio of 18.83, a P/E/G ratio of 2.33 and a beta of 1.09. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.05. South State Corporation has a 1 year low of $78.60 and a 1 year high of $93.85.
South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.02. The company had revenue of $136.36 million during the quarter, compared to analyst estimates of $139.85 million. South State Corporation had a net margin of 20.48% and a return on equity of 8.85%. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. equities analysts forecast that South State Corporation will post 4.74 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Friday, November 10th were given a dividend of $0.33 per share. The ex-dividend date was Thursday, November 9th. This represents a $1.32 annualized dividend and a yield of 1.51%. South State Corporation’s payout ratio is currently 33.85%.
In related news, CFO John C. Pollok sold 8,283 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $90.56, for a total transaction of $750,108.48. Following the completion of the transaction, the chief financial officer now owns 83,714 shares in the company, valued at $7,581,139.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of the stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $82.10, for a total transaction of $232,425.10. Following the transaction, the chief executive officer now owns 140,215 shares of the company’s stock, valued at approximately $11,511,651.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,938 shares of company stock valued at $4,736,604. 2.78% of the stock is owned by company insiders.
SSB has been the subject of several recent analyst reports. Brean Capital reiterated a “hold” rating on shares of South State Corporation in a research note on Monday, October 23rd. BidaskClub upgraded shares of South State Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 5th. Zacks Investment Research lowered shares of South State Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 26th. Keefe, Bruyette & Woods upgraded shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 target price for the company in a research note on Tuesday, July 25th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $90.00 target price on shares of South State Corporation in a research note on Thursday, October 5th. One equities research 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. South State Corporation currently has a consensus rating of “Hold” and a consensus target price of $95.67.
About South State Corporation
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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