Earnest Partners LLC grew its stake in South State Corp (NASDAQ:SSB) by 25.2% during the second quarter, HoldingsChannel.com reports. The firm owned 1,017,729 shares of the bank’s stock after purchasing an additional 204,920 shares during the period. Earnest Partners LLC’s holdings in South State were worth $74,976,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Bremer Bank National Association acquired a new stake in South State during the first quarter worth about $40,000. Synovus Financial Corp increased its stake in shares of South State by 80.7% in the first quarter. Synovus Financial Corp now owns 1,245 shares of the bank’s stock valued at $85,000 after purchasing an additional 556 shares during the period. ETF Managers Group LLC increased its stake in shares of South State by 8.8% in the first quarter. ETF Managers Group LLC now owns 1,693 shares of the bank’s stock valued at $116,000 after purchasing an additional 137 shares during the period. Stephens Inc. AR acquired a new stake in shares of South State in the first quarter valued at approximately $222,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of South State in the first quarter valued at approximately $243,000. Institutional investors and hedge funds own 80.29% of the company’s stock.
SSB has been the topic of several analyst reports. Stephens restated a “sell” rating and issued a $63.00 price target on shares of South State in a research note on Wednesday, August 7th. BidaskClub lowered shares of South State from a “buy” rating to a “hold” rating in a research note on Friday, August 30th. ValuEngine upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Finally, Zacks Investment Research lowered shares of South State from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. South State has a consensus rating of “Hold” and an average price target of $75.67.
In related news, Director Robert R. Horger sold 8,339 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $75.00, for a total transaction of $625,425.00. Following the completion of the sale, the director now directly owns 75,231 shares in the company, valued at $5,642,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John C. Pollok sold 7,434 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $75.00, for a total transaction of $557,550.00. Following the sale, the chief financial officer now owns 99,346 shares of the company’s stock, valued at $7,450,950. The disclosure for this sale can be found here. Company insiders own 2.05% of the company’s stock.
Shares of NASDAQ:SSB opened at $78.07 on Friday. The firm’s 50 day moving average is $75.04 and its two-hundred day moving average is $72.58. South State Corp has a 52 week low of $56.55 and a 52 week high of $85.50. The firm has a market capitalization of $2.57 billion, a P/E ratio of 14.19 and a beta of 1.35. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.34.
South State (NASDAQ:SSB) last announced its quarterly earnings results on Monday, July 29th. The bank reported $1.40 EPS for the quarter, beating the consensus estimate of $1.32 by $0.08. The company had revenue of $164.80 million for the quarter, compared to analyst estimates of $159.75 million. South State had a net margin of 25.33% and a return on equity of 8.11%. During the same quarter last year, the business earned $1.43 earnings per share. Analysts predict that South State Corp will post 5.53 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a $0.43 dividend. The ex-dividend date was Thursday, August 8th. This is a boost from South State’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a dividend yield of 2.20%. South State’s dividend payout ratio (DPR) is 31.27%.
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 services, 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, and ATM processing services.
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