Advisory Research Inc. bought a new stake in shares of South State Co. (NASDAQ:SSB) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 165,563 shares of the bank’s stock, valued at approximately $14,429,000.
Several other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. increased its position in shares of South State by 23.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,070,254 shares of the bank’s stock valued at $96,376,000 after buying an additional 201,107 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of South State by 6.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,016,792 shares of the bank’s stock valued at $91,561,000 after buying an additional 58,525 shares in the last quarter. State Street Corp increased its position in shares of South State by 12.3% in the 2nd quarter. State Street Corp now owns 750,262 shares of the bank’s stock valued at $64,298,000 after buying an additional 82,172 shares in the last quarter. Channing Capital Management LLC increased its position in shares of South State by 3.7% in the 3rd quarter. Channing Capital Management LLC now owns 627,519 shares of the bank’s stock valued at $56,508,000 after buying an additional 22,313 shares in the last quarter. Finally, Fenimore Asset Management Inc. increased its position in shares of South State by 0.5% in the 4th quarter. Fenimore Asset Management Inc. now owns 551,245 shares of the bank’s stock valued at $48,041,000 after buying an additional 2,734 shares in the last quarter. Institutional investors own 56.83% of the company’s stock.
In other news, insider Keith S. Rainwater sold 315 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $91.00, for a total transaction of $28,665.00. Following the completion of the transaction, the insider now directly owns 5,013 shares in the company, valued at approximately $456,183. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert R. Hill, Jr. sold 8,878 shares of the 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 transaction, the chief executive officer now owns 110,441 shares of the company’s stock, valued at $9,842,501.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,213 shares of company stock valued at $3,945,299. Corporate insiders own 2.78% of the company’s stock.
South State (NASDAQ:SSB) last released its earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.11. The firm had revenue of $151.37 million during the quarter, compared to analysts’ expectations of $147.91 million. South State had a return on equity of 9.04% and a net margin of 15.22%. The company’s revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. equities analysts forecast that South State Co. will post 5.81 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Friday, February 9th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Thursday, February 8th. South State’s dividend payout ratio (DPR) is presently 44.30%.
A number of analysts recently commented on SSB shares. Brean Capital restated a “hold” rating on shares of South State in a research report on Monday, October 23rd. BidaskClub cut shares of South State from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. SunTrust Banks upped their price objective on shares of South State from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, October 26th. Finally, Zacks Investment Research cut South State from a “hold” rating to a “sell” rating in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $98.75.
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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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