California Public Employees Retirement System raised its position in shares of South State Co. (NASDAQ:SSB) by 57.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,878 shares of the bank’s stock after acquiring an additional 20,704 shares during the quarter. California Public Employees Retirement System owned about 0.15% of South State worth $4,957,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in South State by 63.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock valued at $152,000 after acquiring an additional 675 shares during the last quarter. Bank of Montreal Can boosted its position in South State by 38.7% during the fourth quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock valued at $187,000 after acquiring an additional 600 shares during the last quarter. TNB Financial bought a new stake in South State during the fourth quarter valued at $200,000. Teacher Retirement System of Texas bought a new stake in South State during the third quarter valued at $207,000. Finally, Stephens Inc. AR bought a new stake in South State during the fourth quarter valued at $219,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.
South State Co. (NASDAQ:SSB) opened at $91.20 on Tuesday. The stock has a market cap of $3,373.19, a PE ratio of 30.60, a PEG ratio of 1.97 and a beta of 1.03. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.09. South State Co. has a 1 year low of $78.60 and a 1 year high of $94.50.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.45%. South State’s dividend payout ratio (DPR) is presently 44.30%.
In related news, insider Keith S. Rainwater sold 315 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $91.00, for a total value of $28,665.00. Following the sale, the insider now owns 5,013 shares in the company, valued at approximately $456,183. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert R. Hill, Jr. sold 8,878 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $89.12, for a total transaction of $791,207.36. Following the completion of the sale, the chief executive officer now owns 110,441 shares in the company, valued at approximately $9,842,501.92. The disclosure for this sale can be found here. Insiders have sold a total of 32,252 shares of company stock worth $2,887,856 in the last three months. Insiders own 1.96% of the company’s stock.
A number of research firms have recently issued reports on SSB. BidaskClub raised shares of South State from a “sell” rating to a “hold” rating in a research report on Friday. Brean Capital reissued a “hold” rating on shares of South State in a research report on Tuesday, January 23rd. Keefe, Bruyette & Woods reissued a “buy” rating and set a $102.00 price objective on shares of South State in a research report on Tuesday, February 27th. SunTrust Banks reissued a “buy” rating and set a $107.00 price objective on shares of South State in a research report on Wednesday, November 29th. Finally, Zacks Investment Research raised shares of South State from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, January 11th. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. South State currently has a consensus rating of “Buy” and an average target price of $100.50.
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South State Company Profile
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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