BlackRock Inc. raised its position in shares of South State Co. (NASDAQ:SSB) by 24.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,741,506 shares of the bank’s stock after purchasing an additional 536,109 shares during the quarter. BlackRock Inc. owned 0.07% of South State worth $238,922,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SSB. Royal Bank of Canada lifted its position in shares of South State by 3.9% in the 2nd quarter. Royal Bank of Canada now owns 3,945 shares of the bank’s stock worth $337,000 after purchasing an additional 147 shares during the period. State of Wisconsin Investment Board lifted its position in shares of South State by 22.7% in the 3rd quarter. State of Wisconsin Investment Board now owns 60,000 shares of the bank’s stock worth $5,403,000 after purchasing an additional 11,100 shares during the period. BNP Paribas Arbitrage SA lifted its position in shares of South State by 33.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 4,707 shares of the bank’s stock worth $424,000 after purchasing an additional 1,169 shares during the period. Rhumbline Advisers lifted its position in shares of South State by 14.2% in the 3rd quarter. Rhumbline Advisers now owns 41,524 shares of the bank’s stock worth $3,739,000 after purchasing an additional 5,154 shares during the period. Finally, Teacher Retirement System of Texas purchased a new stake in shares of South State in the 3rd quarter worth about $207,000. 72.42% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on SSB shares. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $102.00 target price on shares of South State in a research report on Tuesday, February 27th. SunTrust Banks reaffirmed a “buy” rating and issued a $107.00 target price on shares of South State in a research report on Wednesday, November 29th. Brean Capital reaffirmed a “hold” rating on shares of South State in a research report on Tuesday, January 23rd. BidaskClub raised shares of South State from a “sell” rating to a “hold” rating in a research report on Wednesday, November 15th. Finally, Zacks Investment Research upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Wednesday, December 27th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $100.50.
South State (NASDAQ:SSB) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The company had revenue of $151.37 million during the quarter, compared to analyst estimates of $147.91 million. South State had a net margin of 15.22% and a return on equity of 8.15%. South State’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same period last year, the business earned $1.15 EPS. analysts anticipate that South State Co. will post 5.81 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Friday, February 9th were paid a $0.33 dividend. The ex-dividend date was Thursday, February 8th. This represents a $1.32 annualized dividend and a dividend yield of 1.45%. South State’s payout ratio is 44.30%.
In other South State news, insider John C. Pollok sold 1,398 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $91.00, for a total transaction of $127,218.00. Following the completion of the sale, the insider now directly owns 78,110 shares in the company, valued at approximately $7,108,010. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James C. Cherry sold 11,507 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $88.52, for a total transaction of $1,018,599.64. Following the sale, the director now owns 11,500 shares of the company’s stock, valued at $1,017,980. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,252 shares of company stock valued at $2,887,856. 1.96% of the stock is owned by company insiders.
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South State Company 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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