FinTrust Capital Advisors LLC reduced its position in shares of South State Co. (NASDAQ:SSB) by 33.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,155 shares of the bank’s stock after selling 585 shares during the quarter. FinTrust Capital Advisors LLC’s holdings in South State were worth $56,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Trustcore Financial Services LLC acquired a new position in shares of South State in the second quarter valued at $26,000. Harbor Investment Advisory LLC increased its holdings in shares of South State by 144.0% in the third quarter. Harbor Investment Advisory LLC now owns 632 shares of the bank’s stock valued at $30,000 after purchasing an additional 373 shares during the last quarter. Nisa Investment Advisors LLC acquired a new position in shares of South State in the second quarter valued at $33,000. Allworth Financial LP increased its holdings in shares of South State by 388.1% in the second quarter. Allworth Financial LP now owns 737 shares of the bank’s stock valued at $35,000 after purchasing an additional 586 shares during the last quarter. Finally, Private Capital Group LLC increased its holdings in shares of South State by 34.2% in the second quarter. Private Capital Group LLC now owns 769 shares of the bank’s stock valued at $37,000 after purchasing an additional 196 shares during the last quarter. 73.31% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have commented on SSB shares. TheStreet upgraded shares of South State from a “c” rating to a “b-” rating in a report on Friday, October 30th. Stephens started coverage on shares of South State in a report on Tuesday, October 20th. They issued an “overweight” rating on the stock. Truist Financial reiterated a “buy” rating on shares of South State in a report on Wednesday, August 12th. Zacks Investment Research upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Finally, DA Davidson downgraded shares of South State from a “buy” rating to a “neutral” rating and upped their price target for the company from $73.00 to $76.00 in a research note on Monday, November 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. South State presently has a consensus rating of “Hold” and an average target price of $72.40.
SSB opened at $68.26 on Friday. South State Co. has a twelve month low of $40.42 and a twelve month high of $88.10. The company has a 50-day simple moving average of $59.90 and a 200 day simple moving average of $53.42. The company has a quick ratio of 0.98, a current ratio of 1.00 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of 40.15 and a beta of 1.16.
South State (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, October 29th. The bank reported $1.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.34. South State had a net margin of 4.99% and a return on equity of 5.82%. During the same quarter in the previous year, the business earned $1.49 earnings per share. Sell-side analysts anticipate that South State Co. will post 3.53 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 20th. Investors of record on Friday, November 13th were given a dividend of $0.47 per share. The ex-dividend date was Thursday, November 12th. This represents a $1.88 annualized dividend and a yield of 2.75%. South State’s dividend payout ratio is 33.39%.
In related news, Director Ernest S. Pinner sold 5,000 shares of the company’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $73.11, for a total transaction of $365,550.00. Following the completion of the sale, the director now owns 64,403 shares of the company’s stock, valued at $4,708,503.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.43% of the company’s stock.
South State Company Profile
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, and trust and wealth management services. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, checking accounts, money market accounts, certificates of deposit, and other time deposits.
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