632,763 Shares in South State Co. (NASDAQ:SSB) Bought by Eaton Vance Management


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Eaton Vance Management bought a new position in South State Co. (NASDAQ:SSB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 632,763 shares of the bank’s stock, valued at approximately $45,749,000. Eaton Vance Management owned 0.89% of South State as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. ETF Managers Group LLC grew its stake in South State by 9.7% in the fourth quarter. ETF Managers Group LLC now owns 4,762 shares of the bank’s stock valued at $344,000 after purchasing an additional 420 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in South State by 6.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,545 shares of the bank’s stock valued at $618,000 after purchasing an additional 545 shares during the last quarter. Captrust Financial Advisors grew its stake in South State by 5.9% in the fourth quarter. Captrust Financial Advisors now owns 10,246 shares of the bank’s stock valued at $741,000 after purchasing an additional 568 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in South State by 0.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 87,737 shares of the bank’s stock valued at $6,343,000 after purchasing an additional 576 shares during the last quarter. Finally, Truist Financial Corp grew its stake in South State by 0.7% in the third quarter. Truist Financial Corp now owns 103,133 shares of the bank’s stock valued at $4,966,000 after purchasing an additional 670 shares during the last quarter. Institutional investors and hedge funds own 76.01% of the company’s stock.

South State stock opened at $77.82 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 0.23. South State Co. has a 52 week low of $40.42 and a 52 week high of $93.26. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 50.53 and a beta of 1.08. The stock has a 50-day moving average price of $82.89 and a 200 day moving average price of $71.65.

South State (NASDAQ:SSB) last released its earnings results on Wednesday, January 27th. The bank reported $1.44 EPS for the quarter, missing the Zacks’ consensus estimate of $1.48 by ($0.04). South State had a return on equity of 6.67% and a net margin of 8.18%. The firm had revenue of $363.42 million for the quarter, compared to analyst estimates of $166.30 million. During the same period last year, the firm earned $1.48 EPS. Research analysts anticipate that South State Co. will post 4.73 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, February 19th. Investors of record on Friday, February 12th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Thursday, February 11th. South State’s dividend payout ratio (DPR) is 33.39%.

SSB has been the subject of several recent analyst reports. Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a report on Tuesday, January 5th. Truist raised their price target on South State from $85.00 to $97.00 in a report on Monday, March 8th. Finally, Raymond James downgraded South State from an “outperform” rating to a “market perform” rating in a report on Friday, January 29th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $74.60.

In related news, Director Ernest S. Pinner sold 5,000 shares of South State stock in a transaction that occurred on Thursday, March 18th. The stock was sold at an average price of $90.85, for a total transaction of $454,250.00. Following the completion of the transaction, the director now directly owns 44,403 shares in the company, valued at $4,034,012.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert R. Hill, Jr. sold 4,000 shares of South State stock in a transaction that occurred on Friday, March 12th. The shares were sold at an average price of $90.34, for a total value of $361,360.00. Insiders have sold 52,102 shares of company stock valued at $4,531,377 in the last ninety days. Corporate insiders own 1.43% of the company’s stock.

South State 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, and trust and wealth management services. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, checking accounts, money market accounts, certificates of deposit, and other time deposits.

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Institutional Ownership by Quarter for South State (NASDAQ:SSB)

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