Ingalls & Snyder LLC reduced its position in South State Corp (NASDAQ:SSB) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,451 shares of the bank’s stock after selling 244 shares during the period. Ingalls & Snyder LLC’s holdings in South State were worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in SSB. Evoke Wealth LLC bought a new stake in South State during the third quarter valued at about $26,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in South State by 35.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock valued at $57,000 after acquiring an additional 201 shares during the period. CWM LLC raised its holdings in South State by 5,404.8% during the third quarter. CWM LLC now owns 1,156 shares of the bank’s stock valued at $87,000 after acquiring an additional 1,135 shares during the period. SG Americas Securities LLC bought a new stake in South State during the third quarter valued at about $165,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in South State during the second quarter valued at about $217,000. Hedge funds and other institutional investors own 79.13% of the company’s stock.
A number of equities research analysts have commented on SSB shares. Stephens raised South State from an “underweight” rating to an “equal weight” rating in a report on Monday, November 4th. ValuEngine raised South State from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. BidaskClub cut South State from a “buy” rating to a “hold” rating in a report on Tuesday, December 24th. Finally, SunTrust Banks lifted their target price on South State from $90.00 to $97.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $79.67.
In other news, insider Keith S. Rainwater sold 519 shares of South State stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $82.00, for a total value of $42,558.00. Following the sale, the insider now directly owns 6,211 shares of the company’s stock, valued at $509,302. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.05% of the company’s stock.
Shares of SSB stock opened at $86.05 on Thursday. South State Corp has a 12-month low of $63.91 and a 12-month high of $88.10. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.35. The stock’s 50-day moving average price is $85.58 and its 200-day moving average price is $78.85. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 15.65 and a beta of 1.36.
South State (NASDAQ:SSB) last issued its earnings results on Monday, October 28th. The bank reported $1.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.06. South State had a return on equity of 8.22% and a net margin of 25.53%. The firm had revenue of $164.96 million for the quarter, compared to analysts’ expectations of $163.79 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, research analysts predict that South State Corp will post 5.58 EPS for the current fiscal year.
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, 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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