Principal Financial Group Inc. lowered its stake in shares of South State Corporation (NASDAQ:SSB) by 41.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,026 shares of the bank’s stock after selling 2,182 shares during the period. Principal Financial Group Inc.’s holdings in South State were worth $272,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in SSB. Oppenheimer Asset Management Inc. raised its stake in South State by 47.7% in the 2nd 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 during the period. Bank of Montreal Can raised its stake in South State by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after acquiring an additional 34 shares during the period. SG Americas Securities LLC raised its stake in South State by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after acquiring an additional 20 shares during the period. Strs Ohio raised its stake in South State by 38.5% in the 2nd quarter. Strs Ohio now owns 1,800 shares of the bank’s stock valued at $154,000 after acquiring an additional 500 shares during the period. Finally, D.A. Davidson & CO. raised its stake in South State by 48.5% in the 2nd quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock valued at $161,000 after acquiring an additional 614 shares during the period. Institutional investors own 55.76% of the company’s stock.
A number of research firms recently weighed in on SSB. BidaskClub upgraded South State from a “hold” rating to a “buy” rating in a research note on Wednesday, September 27th. Brean Capital restated a “hold” rating on shares of South State in a research note on Wednesday, December 6th. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Finally, SunTrust Banks restated a “buy” rating and issued a $107.00 price target on shares of South State in a research note on Wednesday, November 29th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $97.33.
In other South State news, President John F. Windley sold 7,258 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $90.93, for a total transaction of $659,969.94. Following the transaction, the president now owns 37,764 shares in the company, valued at approximately $3,433,880.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert R. Hill, Jr. sold 13,024 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $91.85, for a total value of $1,196,254.40. Following the transaction, the chief executive officer now owns 133,121 shares in the company, valued at approximately $12,227,163.85. The disclosure for this sale can be found here. Insiders have sold a total of 72,620 shares of company stock worth $6,611,006 in the last quarter. Company insiders own 2.78% of the company’s stock.
South State Corporation (NASDAQ:SSB) opened at $89.30 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $3,210.00, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 2.31 and a beta of 1.08. South State Corporation has a 12-month low of $78.60 and a 12-month high of $94.50.
South State (NASDAQ:SSB) last posted its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.02. The firm had revenue of $136.36 million for the quarter, compared to analysts’ expectations of $139.85 million. South State had a return on equity of 8.85% and a net margin of 20.48%. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.18 EPS. sell-side analysts forecast that South State Corporation will post 4.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Shareholders of record on Friday, November 10th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.48%. The ex-dividend date was Thursday, November 9th. South State’s payout ratio is 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.
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