Strs Ohio raised its stake in South State Corp (NASDAQ:SSB) by 7.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,300 shares of the bank’s stock after acquiring an additional 900 shares during the period. Strs Ohio’s holdings in South State were worth $979,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of South State by 7.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,575,107 shares of the bank’s stock worth $94,428,000 after buying an additional 103,151 shares during the period. Fenimore Asset Management Inc. boosted its position in shares of South State by 0.5% during the second quarter. Fenimore Asset Management Inc. now owns 897,525 shares of the bank’s stock worth $66,121,000 after buying an additional 4,557 shares during the period. Alps Advisors Inc. acquired a new position in shares of South State during the first quarter worth approximately $395,000. Norges Bank acquired a new position in shares of South State during the fourth quarter worth approximately $13,657,000. Finally, Tributary Capital Management LLC boosted its position in shares of South State by 37.5% during the first quarter. Tributary Capital Management LLC now owns 325,175 shares of the bank’s stock worth $22,222,000 after buying an additional 88,610 shares during the period. Institutional investors own 82.06% of the company’s stock.
SSB opened at $75.89 on Wednesday. The firm has a market capitalization of $2.60 billion, a P/E ratio of 13.80 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.99 and a quick ratio of 0.98. South State Corp has a 1-year low of $56.55 and a 1-year high of $85.50. The business has a 50 day moving average price of $75.52.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 9th will be issued a $0.43 dividend. The ex-dividend date is Thursday, August 8th. This represents a $1.72 annualized dividend and a dividend yield of 2.27%. This is a boost from South State’s previous quarterly dividend of $0.40. South State’s dividend payout ratio is currently 31.27%.
In other South State news, insider Keith S. Rainwater sold 548 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $73.60, for a total transaction of $40,332.80. Following the sale, the insider now directly owns 5,398 shares of the company’s stock, valued at approximately $397,292.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert H. Demere, Jr. bought 3,000 shares of the business’s stock in a transaction on Friday, June 7th. The shares were purchased at an average cost of $68.40 per share, for a total transaction of $205,200.00. Following the completion of the purchase, the director now owns 49,081 shares in the company, valued at $3,357,140.40. The disclosure for this purchase can be found here. 2.05% of the stock is currently owned by corporate insiders.
Several equities analysts have recently issued reports on the company. ValuEngine upgraded South State from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. SunTrust Banks boosted their price objective on South State to $85.00 and gave the stock an “in-line” rating in a research report on Wednesday, May 1st. BidaskClub upgraded South State from a “hold” rating to a “buy” rating in a research report on Saturday, July 27th. Zacks Investment Research downgraded South State from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Finally, Stephens reiterated a “sell” rating and set a $63.00 price objective on shares of South State in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $75.67.
South State 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 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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