Forest Hill Capital LLC grew its stake in shares of South State Co. (NASDAQ:SSB) by 93.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 120,852 shares of the bank’s stock after acquiring an additional 58,224 shares during the quarter. South State comprises about 3.0% of Forest Hill Capital LLC’s portfolio, making the stock its 15th biggest holding. Forest Hill Capital LLC owned approximately 0.33% of South State worth $10,532,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in SSB. Royal Bank of Canada lifted its position in shares of South State by 3.9% during the 2nd quarter. Royal Bank of Canada now owns 3,945 shares of the bank’s stock worth $337,000 after buying an additional 147 shares during the last quarter. Bank of Montreal Can lifted its position in shares of South State by 38.7% during the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after buying an additional 600 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of South State by 63.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock worth $152,000 after buying an additional 675 shares during the last quarter. Intrust Bank NA lifted its position in shares of South State by 16.0% during the 4th quarter. Intrust Bank NA now owns 5,424 shares of the bank’s stock worth $473,000 after buying an additional 749 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in shares of South State by 27.9% during the 3rd quarter. Brown Advisory Inc. now owns 4,208 shares of the bank’s stock worth $378,000 after buying an additional 918 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.
Several analysts recently weighed in on the company. BidaskClub upgraded South State from a “sell” rating to a “hold” rating in a research report on Friday, March 9th. Brean Capital restated a “hold” rating on shares of South State in a research report on Wednesday, December 6th. Keefe, Bruyette & Woods restated 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 restated 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 upgraded South State from a “hold” rating to a “strong-buy” rating and set a $102.00 target price for the company in a research report on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $100.50.
South State (NASDAQ:SSB) last posted its earnings results on Tuesday, January 23rd. The bank reported $1.30 EPS 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 8.15% and a net margin of 15.22%. The business’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period last year, the company earned $1.15 earnings per share. equities research analysts anticipate that South State Co. will post 5.81 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were given a $0.33 dividend. The ex-dividend date was Thursday, February 8th. This represents a $1.32 annualized dividend and a yield of 1.45%. South State’s dividend payout ratio is presently 44.30%.
In other news, CEO Robert R. Hill, Jr. sold 9,272 shares of the stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $91.01, for a total value of $843,844.72. Following the completion of the sale, the chief executive officer now owns 111,879 shares of the company’s stock, valued at $10,182,107.79. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James C. Cherry sold 11,507 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $88.52, for a total value of $1,018,599.64. Following the completion of the sale, the director now directly owns 11,500 shares of the company’s stock, valued at approximately $1,017,980. The disclosure for this sale can be found here. Insiders sold 32,252 shares of company stock valued at $2,887,856 over the last quarter. Corporate insiders own 1.96% of the company’s stock.
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South State 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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