MetLife Investment Advisors LLC acquired a new stake in shares of South State Bank (NASDAQ:SSB) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,812 shares of the bank’s stock, valued at approximately $1,465,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Dalton Greiner Hartman Maher & Co. bought a new position in shares of South State Bank in the fourth quarter worth $1,891,000. Wells Fargo & Company MN boosted its holdings in shares of South State Bank by 50.1% in the fourth quarter. Wells Fargo & Company MN now owns 143,081 shares of the bank’s stock worth $12,469,000 after acquiring an additional 47,748 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of South State Bank by 33.0% in the third quarter. BNP Paribas Arbitrage SA now owns 4,707 shares of the bank’s stock worth $424,000 after acquiring an additional 1,169 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of South State Bank by 6.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,016,792 shares of the bank’s stock worth $91,561,000 after acquiring an additional 58,525 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in shares of South State Bank by 445.2% in the fourth quarter. Teacher Retirement System of Texas now owns 12,540 shares of the bank’s stock worth $1,093,000 after acquiring an additional 10,240 shares during the period. 72.43% of the stock is owned by institutional investors and hedge funds.
In other South State Bank news, insider Keith S. Rainwater sold 315 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $91.00, for a total transaction of $28,665.00. Following the sale, the insider now owns 5,013 shares in the company, valued at $456,183. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert R. Hill, Jr. sold 8,878 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $89.12, for a total value of $791,207.36. Following the sale, the chief executive officer now owns 110,441 shares in the company, valued at approximately $9,842,501.92. The disclosure for this sale can be found here. Insiders sold 32,252 shares of company stock worth $2,887,856 in the last quarter. 1.96% of the stock is currently owned by company insiders.
South State Bank (NASDAQ:SSB) last issued its quarterly earnings data on Tuesday, January 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.11. South State Bank had a return on equity of 8.15% and a net margin of 15.22%. The company had revenue of $151.37 million for the quarter, compared to the consensus estimate of $147.91 million. During the same quarter last year, the business posted $1.15 earnings per share. The firm’s revenue was up 33.4% compared to the same quarter last year. analysts predict that South State Bank will post 5.81 EPS for the current year.
A number of equities analysts have recently commented on the company. Brean Capital reaffirmed a “hold” rating on shares of South State Bank in a report on Thursday. Sandler O’Neill set a $94.00 price objective on South State Bank and gave the stock a “hold” rating in a research report on Wednesday, March 28th. Zacks Investment Research downgraded South State Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, March 28th. BidaskClub downgraded South State Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 16th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $102.00 price objective on shares of South State Bank in a research report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. South State Bank presently has an average rating of “Hold” and an average price target of $99.20.
South State Bank 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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