Geode Capital Management LLC Acquires 85,907 Shares of South State Co. (NASDAQ:SSB)

Geode Capital Management LLC increased its holdings in shares of South State Co. (NASDAQ:SSB) by 7.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,197,970 shares of the bank’s stock after acquiring an additional 85,907 shares during the period. Geode Capital Management LLC’s holdings in South State were worth $94,052,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Select Equity Group L.P. raised its position in shares of South State by 211.7% in the 4th quarter. Select Equity Group L.P. now owns 2,064,243 shares of the bank’s stock worth $149,245,000 after purchasing an additional 1,401,885 shares during the last quarter. Norges Bank purchased a new position in South State in the fourth quarter worth about $54,817,000. Eaton Vance Management bought a new position in shares of South State in the fourth quarter worth approximately $45,749,000. Lord Abbett & CO. LLC purchased a new stake in shares of South State during the fourth quarter valued at approximately $44,531,000. Finally, BlackRock Inc. increased its position in shares of South State by 6.4% during the fourth quarter. BlackRock Inc. now owns 5,380,668 shares of the bank’s stock valued at $389,023,000 after acquiring an additional 325,688 shares in the last quarter. Institutional investors and hedge funds own 79.58% of the company’s stock.

In other news, EVP John C. Pollok sold 2,478 shares of the firm’s stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $90.00, for a total value of $223,020.00. Following the transaction, the executive vice president now owns 53,067 shares of the company’s stock, valued at $4,776,030. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John C. Pollok sold 4,159 shares of South State stock in a transaction dated Thursday, May 6th. The shares were sold at an average price of $88.00, for a total value of $365,992.00. Following the transaction, the executive vice president now directly owns 55,545 shares in the company, valued at $4,887,960. The disclosure for this sale can be found here. In the last three months, insiders sold 10,971 shares of company stock worth $961,736. 1.79% of the stock is currently owned by insiders.

Several analysts have commented on the company. Truist increased their target price on South State from $85.00 to $97.00 in a research note on Monday, March 8th. Zacks Investment Research upgraded South State from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Tuesday, May 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $79.40.

NASDAQ SSB opened at $84.96 on Friday. The company has a market cap of $6.04 billion, a PE ratio of 32.06 and a beta of 1.10. South State Co. has a 1-year low of $42.75 and a 1-year high of $93.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.93 and a quick ratio of 0.92. The company’s fifty day moving average price is $86.44.

South State (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, April 28th. The bank reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.75. The company had revenue of $358.28 million during the quarter, compared to analysts’ expectations of $360.90 million. South State had a return on equity of 8.88% and a net margin of 17.34%. South State’s revenue for the quarter was up 108.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. As a group, analysts expect that South State Co. will post 6.68 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 21st. Stockholders of record on Friday, May 14th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, May 13th. South State’s dividend payout ratio (DPR) is presently 36.72%.

South State Profile

South State Corporation operates as the bank holding company for South State Bank that provides a range of banking services and products. The company accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, and other time deposits. It also offers commercial real estate loans, residential real estate loans, commercial, and industrial loans, as well as consumer loans, including auto, boat, and personal installment loans.

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

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