Capital Investment Advisory Services LLC acquired a new stake in shares of South State Corp (NASDAQ:SSB) in the fourth quarter, HoldingsChannel reports. The fund acquired 1,324 shares of the bank’s stock, valued at approximately $79,000.
Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of South State by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 3,214,729 shares of the bank’s stock valued at $263,609,000 after acquiring an additional 47,669 shares during the last quarter. Vanguard Group Inc lifted its position in shares of South State by 1.5% during the 3rd quarter. Vanguard Group Inc now owns 3,214,729 shares of the bank’s stock valued at $263,609,000 after acquiring an additional 47,669 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of South State by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,471,956 shares of the bank’s stock valued at $120,699,000 after acquiring an additional 42,114 shares during the last quarter. Victory Capital Management Inc. lifted 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 valued at $94,288,000 after acquiring an additional 89,060 shares during the last quarter. Finally, Fenimore Asset Management Inc. lifted its position in shares of South State by 42.0% during the 4th quarter. Fenimore Asset Management Inc. now owns 876,688 shares of the bank’s stock valued at $52,557,000 after acquiring an additional 259,232 shares during the last quarter. Institutional investors own 77.23% of the company’s stock.
In other news, CEO Robert R. Hill, Jr. sold 9,892 shares of the company’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $67.00, for a total value of $662,764.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Joe E. Burns sold 4,261 shares of the company’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $69.24, for a total transaction of $295,031.64. Following the completion of the transaction, the insider now directly owns 37,590 shares in the company, valued at $2,602,731.60. The disclosure for this sale can be found here. Corporate insiders own 1.96% of the company’s stock.
South State (NASDAQ:SSB) last released its earnings results on Monday, January 28th. The bank reported $1.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.03. The company had revenue of $162.03 million during the quarter, compared to analyst estimates of $160.79 million. South State had a return on equity of 8.61% and a net margin of 24.99%. During the same quarter in the prior year, the company earned $1.30 earnings per share. Sell-side analysts anticipate that South State Corp will post 5.36 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 22nd. Stockholders of record on Friday, February 15th will be paid a $0.38 dividend. The ex-dividend date is Thursday, February 14th. This is an increase from South State’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.27%. South State’s dividend payout ratio is 26.18%.
SSB has been the subject of a number of research analyst reports. ValuEngine lowered South State from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. BidaskClub upgraded South State from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 16th. Brean Capital restated a “hold” rating on shares of South State in a report on Monday, January 14th. SunTrust Banks reduced their target price on South State to $79.00 and set a “buy” rating for the company in a report on Friday, October 26th. Finally, Stephens lowered South State from an “equal” rating to a “weight” rating in a report on Wednesday, October 24th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $80.80.
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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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