Dimensional Fund Advisors LP lifted its holdings in South State Corp (NASDAQ:SSB) by 2.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,471,956 shares of the bank’s stock after buying an additional 42,114 shares during the quarter. Dimensional Fund Advisors LP’s holdings in South State were worth $120,699,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the stock. UBS Group AG raised its holdings in South State by 109.3% during the first quarter. UBS Group AG now owns 1,877 shares of the bank’s stock worth $160,000 after purchasing an additional 980 shares during the last quarter. Stevens Capital Management LP acquired a new position in South State during the second quarter worth $232,000. First National Bank of Omaha acquired a new position in South State during the third quarter worth $240,000. Sei Investments Co. raised its holdings in South State by 46.6% during the second quarter. Sei Investments Co. now owns 3,783 shares of the bank’s stock worth $327,000 after purchasing an additional 1,202 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in South State by 75.0% during the third quarter. Gamco Investors INC. ET AL now owns 7,000 shares of the bank’s stock worth $574,000 after purchasing an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 76.46% of the company’s stock.
In related news, Director Robert H. Demere, Jr. purchased 2,000 shares of the business’s stock in a transaction dated Friday, October 26th. The stock was bought at an average cost of $63.12 per share, with a total value of $126,240.00. Following the completion of the acquisition, the director now directly owns 44,360 shares in the company, valued at approximately $2,800,003.20. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joe E. Burns sold 4,261 shares of the business’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $69.24, for a total value of $295,031.64. Following the completion of the transaction, the insider now directly owns 37,590 shares of the company’s stock, valued at $2,602,731.60. The disclosure for this sale can be found here. Insiders own 1.96% of the company’s stock.
Several equities analysts recently issued reports on the company. Stephens cut South State from an “equal” rating to a “weight” rating in a report on Wednesday, October 24th. BidaskClub cut South State from a “sell” rating to a “strong sell” rating in a report on Saturday. Brean Capital reaffirmed a “hold” rating on shares of South State in a report on Monday, October 29th. Zacks Investment Research raised South State from a “sell” rating to a “hold” rating in a report on Tuesday, August 28th. Finally, SunTrust Banks reduced their price objective on South State to $79.00 and set a “buy” rating for the company in a report on Friday, October 26th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $88.40.
NASDAQ SSB opened at $66.86 on Friday. South State Corp has a fifty-two week low of $61.26 and a fifty-two week high of $93.25. The firm has a market capitalization of $2.50 billion, a PE ratio of 13.79 and a beta of 1.06. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.05.
South State (NASDAQ:SSB) last released its quarterly earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.44 by ($0.11). South State had a return on equity of 8.32% and a net margin of 19.08%. The company had revenue of $160.32 million during the quarter, compared to analyst estimates of $167.07 million. During the same period last year, the firm earned $1.22 earnings per share. As a group, research analysts predict that South State Corp will post 5.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 16th. Stockholders of record on Friday, November 9th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.15%. This is a boost from South State’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Thursday, November 8th. South State’s payout ratio is 29.69%.
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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, trust and wealth management, and consumer finance loans. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, certificates of deposit, and other time deposits; and offers lending and credit card, ATM processing, and wealth management and trust services.
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