Boston Partners reduced its holdings in shares of South State Corp (NASDAQ:SSB) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,269 shares of the bank’s stock after selling 263 shares during the quarter. Boston Partners’ holdings in South State were worth $1,827,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of South State by 35.8% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock worth $57,000 after acquiring an additional 201 shares in the last quarter. Holocene Advisors LP boosted its position in shares of South State by 7.0% during the 2nd quarter. Holocene Advisors LP now owns 5,450 shares of the bank’s stock worth $402,000 after acquiring an additional 357 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management lifted its holdings in shares of South State by 10.4% in the 3rd quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,083 shares of the bank’s stock valued at $307,000 after purchasing an additional 386 shares during the last quarter. First National Bank of Omaha lifted its holdings in shares of South State by 1.8% in the 3rd quarter. First National Bank of Omaha now owns 26,536 shares of the bank’s stock valued at $1,998,000 after purchasing an additional 466 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of South State by 1.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 45,120 shares of the bank’s stock valued at $3,398,000 after purchasing an additional 636 shares during the last quarter. 79.51% of the stock is owned by institutional investors and hedge funds.
South State stock opened at $83.32 on Tuesday. South State Corp has a fifty-two week low of $56.55 and a fifty-two week high of $84.50. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.97 and a current ratio of 0.98. The company has a market capitalization of $2.81 billion, a P/E ratio of 15.15 and a beta of 1.34. The stock has a 50-day simple moving average of $80.27 and a 200-day simple moving average of $75.49.
South State (NASDAQ:SSB) last posted its earnings results on Monday, October 28th. The bank reported $1.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.06. The business had revenue of $164.96 million during the quarter, compared to the consensus estimate of $163.79 million. South State had a return on equity of 8.22% and a net margin of 25.53%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 EPS. As a group, analysts forecast that South State Corp will post 5.55 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, November 7th. This is an increase from South State’s previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 2.21%. South State’s dividend payout ratio is currently 33.45%.
Several analysts have recently weighed in on the company. SunTrust Banks set a $88.00 target price on South State and gave the company a “buy” rating in a report on Wednesday, September 18th. Stephens raised South State from an “underweight” rating to an “equal weight” rating in a report on Monday, November 4th. ValuEngine raised South State from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. BidaskClub raised South State from a “hold” rating to a “buy” rating in a report on Saturday, November 23rd. Finally, Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $76.67.
In other South State news, Director James W. Roquemore sold 4,791 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $76.15, for a total transaction of $364,834.65. Following the completion of the sale, the director now directly owns 37,515 shares of the company’s stock, valued at approximately $2,856,767.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert R. Horger sold 8,339 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $75.00, for a total value of $625,425.00. Following the sale, the director now directly owns 75,231 shares of the company’s stock, valued at $5,642,325. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,649 shares of company stock valued at $1,032,818. 2.05% of the stock is owned by company insiders.
About South State
South State Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, trust and wealth management services, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, and ATM processing services.
See Also: Federal Reserve
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