Channing Capital Management LLC lifted its holdings in South State Corp (NASDAQ:SSB) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 668,728 shares of the bank’s stock after buying an additional 6,491 shares during the quarter. Channing Capital Management LLC owned approximately 1.83% of South State worth $54,836,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. UBS Group AG lifted its stake in shares of South State by 109.3% in the 1st 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 period. MetLife Investment Advisors LLC lifted its stake in shares of South State by 6.9% in the 2nd quarter. MetLife Investment Advisors LLC now owns 16,714 shares of the bank’s stock worth $1,442,000 after purchasing an additional 1,080 shares during the period. Sei Investments Co. lifted its stake in shares of South State by 46.6% in the 2nd 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 period. BRYN MAWR TRUST Co lifted its stake in shares of South State by 1.4% in the 2nd quarter. BRYN MAWR TRUST Co now owns 94,752 shares of the bank’s stock worth $8,173,000 after purchasing an additional 1,303 shares during the period. Finally, Wesbanco Bank Inc. lifted its stake in shares of South State by 13.1% in the 2nd quarter. Wesbanco Bank Inc. now owns 11,747 shares of the bank’s stock worth $1,013,000 after purchasing an additional 1,357 shares during the period. Institutional investors own 76.39% of the company’s stock.
In related news, Director Robert H. Demere, Jr. purchased 2,000 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was bought at an average cost of $63.12 per share, for a total transaction of $126,240.00. Following the completion of the transaction, the director now directly owns 44,360 shares in the company, valued at $2,800,003.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joe E. Burns sold 4,261 shares of the firm’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 sale, the insider now owns 37,590 shares of the company’s stock, valued at $2,602,731.60. The disclosure for this sale can be found here. 1.96% of the stock is owned by company insiders.
Several equities analysts have recently weighed in on the stock. Stephens cut shares of South State from an “equal” rating to a “weight” rating in a research note on Wednesday, October 24th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $90.00 price objective on shares of South State in a research note on Monday, August 6th. BidaskClub cut shares of South State from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 27th. Brean Capital reiterated a “hold” rating on shares of South State in a research note on Monday, October 29th. Finally, Zacks Investment Research upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Tuesday, August 28th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. South State presently has a consensus rating of “Hold” and a consensus price target of $88.40.
Shares of SSB opened at $72.56 on Monday. South State Corp has a 1 year low of $61.26 and a 1 year high of $94.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.05. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 14.96 and a beta of 1.07.
South State (NASDAQ:SSB) last posted its earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.11). South State had a net margin of 19.08% and a return on equity of 8.32%. The business had revenue of $160.32 million during the quarter, compared to analysts’ expectations of $167.07 million. During the same period last year, the business posted $1.22 earnings per share. Analysts forecast 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. Investors of record on Friday, November 9th were given a $0.36 dividend. The ex-dividend date of this dividend was Thursday, November 8th. This is an increase from South State’s previous quarterly dividend of $0.35. This represents a $1.44 dividend on an annualized basis and a yield of 1.98%. South State’s dividend payout ratio (DPR) is currently 29.69%.
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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