TNB Financial bought a new position in shares of South State Co. (NASDAQ:SSB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,296 shares of the bank’s stock, valued at approximately $200,000.
Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of South State by 1.8% during the second quarter. Vanguard Group Inc. now owns 2,227,745 shares of the bank’s stock worth $190,918,000 after purchasing an additional 38,733 shares during the last quarter. BlackRock Inc. lifted its position in shares of South State by 4.9% during 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 last quarter. Victory Capital Management Inc. lifted its position in shares of South State by 23.1% during the third quarter. Victory Capital Management Inc. now owns 1,070,254 shares of the bank’s stock worth $96,376,000 after purchasing an additional 201,107 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of South State by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,016,792 shares of the bank’s stock worth $91,561,000 after purchasing an additional 58,525 shares during the last quarter. Finally, State Street Corp lifted its position in shares of South State by 12.3% during 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 last quarter. Institutional investors and hedge funds own 56.16% of the company’s stock.
Several analysts have recently weighed in on the company. BidaskClub downgraded South State from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 10th. Brean Capital restated a “hold” rating on shares of South State in a report on Monday, October 23rd. Zacks Investment Research upgraded South State from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective for the company in a report on Thursday, January 11th. Finally, SunTrust Banks lifted their price objective on South State from $98.00 to $102.00 and gave the company a “buy” rating in a report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $98.75.
South State (NASDAQ:SSB) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.11. The firm had revenue of $151.37 million during the quarter, compared to the consensus estimate of $147.91 million. South State had a return on equity of 9.04% and a net margin of 15.22%. The firm’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.15 earnings per share. research analysts anticipate that South State Co. will post 5.78 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Friday, February 9th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $1.32 annualized dividend and a dividend yield of 1.57%. South State’s payout ratio is currently 44.30%.
In other South State news, Director James C. Cherry sold 16,255 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $89.01, for a total value of $1,446,857.55. Following the completion of the transaction, the director now directly owns 23,007 shares in the company, valued at $2,047,853.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Keith S. Rainwater sold 315 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $91.00, for a total transaction of $28,665.00. Following the completion of the transaction, the insider now owns 5,013 shares of the company’s stock, valued at $456,183. The disclosure for this sale can be found here. Insiders sold 44,213 shares of company stock valued at $3,945,299 over the last 90 days. 2.78% of the stock is currently owned by corporate insiders.
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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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