State Street Corp increased its position in shares of South State Corporation (NASDAQ:SSB) by 12.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 750,262 shares of the bank’s stock after purchasing an additional 82,172 shares during the quarter. State Street Corp owned 2.58% of South State Corporation worth $64,298,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. increased its position in South State Corporation by 15,348.4% during the first quarter. BlackRock Inc. now owns 1,899,075 shares of the bank’s stock worth $169,681,000 after buying an additional 1,886,782 shares in the last quarter. Vanguard Group Inc. increased its position in South State Corporation by 21.8% during the first quarter. Vanguard Group Inc. now owns 2,189,012 shares of the bank’s stock worth $195,589,000 after buying an additional 391,665 shares in the last quarter. Goldman Sachs Group Inc. increased its position in South State Corporation by 22.9% during the second quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock worth $82,766,000 after buying an additional 179,644 shares in the last quarter. Russell Investments Group Ltd. increased its position in South State Corporation by 125.3% during the second quarter. Russell Investments Group Ltd. now owns 230,328 shares of the bank’s stock worth $19,740,000 after buying an additional 128,091 shares in the last quarter. Finally, Northern Trust Corp increased its position in South State Corporation by 6.4% during the second quarter. Northern Trust Corp now owns 633,701 shares of the bank’s stock worth $54,308,000 after buying an additional 38,204 shares in the last quarter. 66.57% of the stock is owned by hedge funds and other institutional investors.
Shares of South State Corporation (SSB) opened at 90.05 on Tuesday. The stock has a market cap of $2.62 billion, a P/E ratio of 23.52 and a beta of 1.10. South State Corporation has a 12 month low of $70.75 and a 12 month high of $93.85. The stock has a 50 day moving average price of $88.83 and a 200-day moving average price of $85.83.
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, topping the Zacks’ consensus estimate of $1.20 by $0.02. The business had revenue of $136.36 million for the quarter, compared to the consensus estimate of $139.85 million. South State Corporation had a net margin of 20.48% and a return on equity of 9.15%. South State Corporation’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.18 earnings per share. On average, analysts forecast that South State Corporation will post $4.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 10th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.47%. The ex-dividend date is Thursday, November 9th. South State Corporation’s payout ratio is 33.85%.
Several equities analysts have weighed in on the company. Zacks Investment Research downgraded South State Corporation from a “hold” rating to a “sell” rating in a research report on Friday. BidaskClub downgraded South State Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. SunTrust Banks, Inc. raised their price target on South State Corporation from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Thursday, October 26th. Brean Capital reissued a “hold” rating on shares of South State Corporation in a research report on Monday. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $90.00 price objective on shares of South State Corporation in a research report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $95.67.
In other South State Corporation news, insider Joe E. Burns sold 6,548 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $92.39, for a total transaction of $604,969.72. Following the transaction, the insider now directly owns 37,595 shares of the company’s stock, valued at $3,473,402.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert R. Hill, Jr. sold 2,831 shares of the stock in a transaction on Friday, August 25th. The stock was sold at an average price of $82.10, for a total transaction of $232,425.10. Following the transaction, the chief executive officer now directly owns 140,215 shares in the company, valued at $11,511,651.50. The disclosure for this sale can be found here. Insiders have sold 44,405 shares of company stock worth $4,048,478 over the last three months. Company insiders own 2.78% of the company’s stock.
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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