South State Corp (NASDAQ:SSB) Shares Acquired by Earnest Partners LLC

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Earnest Partners LLC lifted its position in shares of South State Corp (NASDAQ:SSB) by 25.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,017,729 shares of the bank’s stock after purchasing an additional 204,920 shares during the period. Earnest Partners LLC owned about 2.98% of South State worth $74,976,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of SSB. Dimensional Fund Advisors LP boosted its holdings in South State by 7.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,575,107 shares of the bank’s stock valued at $94,428,000 after purchasing an additional 103,151 shares in the last quarter. Geode Capital Management LLC boosted its holdings in South State by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 412,314 shares of the bank’s stock valued at $24,718,000 after purchasing an additional 23,760 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of South State by 865.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,223 shares of the bank’s stock worth $562,000 after acquiring an additional 7,371 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of South State during the 1st quarter worth approximately $243,000. Finally, Alps Advisors Inc. purchased a new stake in shares of South State during the 1st quarter worth approximately $395,000. Institutional investors and hedge funds own 80.29% of the company’s stock.

Shares of NASDAQ:SSB opened at $78.07 on Friday. The business’s 50 day simple moving average is $75.04 and its 200-day simple moving average is $72.58. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 14.19 and a beta of 1.35. 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 12 month low of $56.55 and a 12 month high of $85.50.

South State (NASDAQ:SSB) last announced its quarterly earnings results on Monday, July 29th. The bank reported $1.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.08. South State had a return on equity of 8.11% and a net margin of 25.33%. The business had revenue of $164.80 million for the quarter, compared to analyst estimates of $159.75 million. During the same quarter in the previous year, the company earned $1.43 EPS. On average, equities analysts anticipate that South State Corp will post 5.53 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a dividend of $0.43 per share. This is an increase from South State’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Thursday, August 8th. South State’s payout ratio is currently 31.27%.

Several equities research analysts have recently commented on SSB shares. Zacks Investment Research lowered South State from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. ValuEngine raised South State from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Stephens reissued a “sell” rating and set a $63.00 price target on shares of South State in a research note on Wednesday, August 7th. Finally, BidaskClub lowered South State from a “buy” rating to a “hold” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. South State presently has a consensus rating of “Hold” and a consensus price target of $75.67.

In related news, CFO John C. Pollok sold 7,434 shares of South State 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 completion of the transaction, the chief financial officer now directly owns 99,346 shares in the company, valued at approximately $7,450,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert R. Horger sold 8,339 shares of South State stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $75.00, for a total value of $625,425.00. Following the transaction, the director now owns 75,231 shares of the company’s stock, valued at $5,642,325. The disclosure for this sale can be found here. Insiders own 2.05% of the company’s stock.

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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Institutional Ownership by Quarter for South State (NASDAQ:SSB)

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