Nationwide Fund Advisors Lowers Stake in South State Corporation (SSB)

Nationwide Fund Advisors cut its holdings in South State Corporation (NASDAQ:SSB) by 11.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,423 shares of the bank’s stock after selling 2,903 shares during the quarter. Nationwide Fund Advisors owned approximately 0.08% of South State worth $2,019,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of South State by 1.8% in the second quarter. Vanguard Group Inc. now owns 2,227,745 shares of the bank’s stock valued at $190,918,000 after buying an additional 38,733 shares in the last quarter. BlackRock Inc. increased its position in South State by 4.9% in the second quarter. BlackRock Inc. now owns 1,991,637 shares of the bank’s stock worth $170,684,000 after purchasing an additional 92,562 shares during the period. Goldman Sachs Group Inc. increased its position in South State by 22.9% in the second quarter. Goldman Sachs Group Inc. now owns 965,758 shares of the bank’s stock worth $82,766,000 after purchasing an additional 179,644 shares during the period. Victory Capital Management Inc. increased its position in South State by 1.1% in the second quarter. Victory Capital Management Inc. now owns 869,147 shares of the bank’s stock worth $74,486,000 after purchasing an additional 9,633 shares during the period. Finally, State Street Corp increased its position in South State by 12.3% in the second quarter. State Street Corp now owns 750,262 shares of the bank’s stock worth $64,298,000 after purchasing an additional 82,172 shares during the period. Institutional investors own 55.72% of the company’s stock.

Shares of South State Corporation (SSB) opened at $88.65 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $3,279.01, a PE ratio of 22.73, a P/E/G ratio of 2.36 and a beta of 1.09. South State Corporation has a 12-month low of $78.60 and a 12-month high of $94.50.

South State (NASDAQ:SSB) last issued its earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.02. South State had a return on equity of 8.85% and a net margin of 20.48%. The firm had revenue of $136.36 million for the quarter, compared to analysts’ expectations of $139.85 million. During the same quarter last year, the business earned $1.18 earnings per share. The company’s revenue was up 17.0% compared to the same quarter last year. analysts anticipate that South State Corporation will post 4.72 EPS for the current year.

In other South State news, Director James C. Cherry sold 16,255 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $89.01, for a total transaction of $1,446,857.55. Following the transaction, the director now owns 23,007 shares in the company, valued at $2,047,853.07. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President John F. Windley sold 7,258 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $90.93, for a total value 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,620 shares of company stock worth $6,611,006. Company insiders own 2.78% of the company’s stock.

SSB has been the subject of a number of research reports. BidaskClub lowered South State from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a research report on Saturday, September 2nd. Brean Capital reiterated a “hold” rating on shares of South State in a research report on Monday, October 30th. Finally, SunTrust Banks reiterated a “buy” rating and issued a $98.00 price objective on shares of South State in a research report on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. South State presently has an average rating of “Hold” and an average price target of $97.33.

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About South State

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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Institutional Ownership by Quarter for South State (NASDAQ:SSB)

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