South State Corp (SSB) Stake Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in shares of South State Corp (NASDAQ:SSB) by 8.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 734,356 shares of the bank’s stock after buying an additional 56,169 shares during the quarter. Bank of New York Mellon Corp owned 2.01% of South State worth $60,217,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of SSB. Asset Advisors Investment Management LLC purchased a new position in shares of South State during the third quarter valued at $15,709,000. Wells Fargo & Company MN grew its holdings in shares of South State by 44.8% during the third quarter. Wells Fargo & Company MN now owns 589,809 shares of the bank’s stock valued at $48,364,000 after buying an additional 182,406 shares in the last quarter. BlackRock Inc. grew its holdings in shares of South State by 6.4% during the second quarter. BlackRock Inc. now owns 2,782,451 shares of the bank’s stock valued at $239,986,000 after buying an additional 168,046 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of South State during the third quarter valued at $13,574,000. Finally, Victory Capital Management Inc. grew its holdings in shares of South State by 8.4% during the third quarter. Victory Capital Management Inc. now owns 1,149,847 shares of the bank’s stock valued at $94,288,000 after buying an additional 89,060 shares in the last quarter. Institutional investors and hedge funds own 75.93% of the company’s stock.

In other South State news, insider Joe E. Burns sold 4,261 shares of the business’s stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Demere, Jr. purchased 2,000 shares of South State stock in a transaction on Friday, October 26th. The stock was bought at an average cost of $63.12 per share, with a total value of $126,240.00. Following the transaction, the director now directly owns 44,360 shares of the company’s stock, valued at $2,800,003.20. The disclosure for this purchase can be found here. Insiders acquired 4,000 shares of company stock valued at $248,690 in the last ninety days. Insiders own 1.96% of the company’s stock.

A number of brokerages have commented on SSB. Stephens restated a “sell” rating and issued a $57.00 target price on shares of South State in a research note on Friday, December 14th. BidaskClub downgraded South State from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 8th. ValuEngine upgraded South State from a “strong sell” rating to a “sell” rating in a research note on Wednesday, November 21st. Zacks Investment Research downgraded South State from a “hold” rating to a “strong sell” rating in a research note on Saturday, November 17th. Finally, Brean Capital restated a “hold” rating on shares of South State in a research note on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $80.80.

Shares of NASDAQ:SSB opened at $61.94 on Friday. South State Corp has a fifty-two week low of $56.55 and a fifty-two week high of $93.25. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 12.77 and a beta of 1.18. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.05.

South State (NASDAQ:SSB) last announced its quarterly 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 return on equity of 8.32% and a net margin of 19.08%. The company had revenue of $160.32 million during the quarter, compared to analyst estimates of $167.07 million. During the same period in the prior year, the firm earned $1.22 EPS. As a group, analysts predict that South State Corp will post 5.48 EPS for the current fiscal year.

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

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