Dimensional Fund Advisors LP lifted its holdings in shares of South State Corp (NASDAQ:SSB) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,471,956 shares of the bank’s stock after acquiring an additional 42,114 shares during the period. Dimensional Fund Advisors LP owned 4.03% of South State worth $120,699,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of South State by 6.4% during the 2nd quarter. BlackRock Inc. now owns 2,782,451 shares of the bank’s stock worth $239,986,000 after acquiring an additional 168,046 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of South State by 8.4% during the 3rd quarter. Victory Capital Management Inc. now owns 1,149,847 shares of the bank’s stock worth $94,288,000 after acquiring an additional 89,060 shares in the last quarter. Northern Trust Corp raised its position in shares of South State by 2.2% during the 2nd quarter. Northern Trust Corp now owns 759,374 shares of the bank’s stock worth $65,496,000 after acquiring an additional 16,571 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of South State by 8.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 734,356 shares of the bank’s stock worth $60,217,000 after acquiring an additional 56,169 shares in the last quarter. Finally, Fenimore Asset Management Inc. raised its position in shares of South State by 8.2% during the 3rd quarter. Fenimore Asset Management Inc. now owns 617,456 shares of the bank’s stock worth $50,631,000 after acquiring an additional 46,639 shares in the last quarter. 76.46% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Robert H. Demere, Jr. bought 2,000 shares of the stock in a transaction on Friday, October 26th. The shares were bought at an average cost of $63.12 per share, for a total transaction of $126,240.00. Following the purchase, the director now owns 44,360 shares of the company’s stock, valued at approximately $2,800,003.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joe E. Burns sold 4,261 shares of South State stock in a transaction that occurred on Tuesday, November 20th. The shares were 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 owns 37,590 shares in the company, valued at $2,602,731.60. The disclosure for this sale can be found here. Company insiders own 1.96% of the company’s stock.
Several equities research analysts have recently weighed in on the company. BidaskClub raised South State from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Brean Capital restated a “hold” rating on shares of South State in a research note on Monday, August 27th. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a research note on Tuesday, August 28th. Finally, Stephens restated a “hold” rating and set a $95.00 price target on shares of South State in a research note on Tuesday, October 23rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. South State has a consensus rating of “Hold” and a consensus price target of $88.40.
NASDAQ:SSB opened at $66.86 on Friday. The company has a market cap of $2.50 billion, a P/E ratio of 13.79 and a beta of 1.06. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.05. South State Corp has a 52-week low of $61.26 and a 52-week high of $93.25.
South State (NASDAQ:SSB) last released its quarterly earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.11). The firm had revenue of $160.32 million for the quarter, compared to analysts’ expectations of $167.07 million. South State had a return on equity of 8.32% and a net margin of 19.08%. During the same quarter in the prior year, the business earned $1.22 EPS. On average, research analysts expect that South State Corp will post 5.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 16th. Investors of record on Friday, November 9th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Thursday, November 8th. This is an increase from South State’s previous quarterly dividend of $0.35. South State’s dividend payout ratio (DPR) is currently 29.69%.
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About South State
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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