Xact Kapitalforvaltning AB acquired a new stake in South State Bank (NASDAQ:SSB) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 3,451 shares of the bank’s stock, valued at approximately $301,000.
A number of other large investors have also recently made changes to their positions in SSB. Captrust Financial Advisors bought a new position in South State Bank in the fourth quarter valued at approximately $111,000. Glenmede Trust Co. NA increased its stake in South State Bank by 156.6% in the fourth quarter. Glenmede Trust Co. NA now owns 1,709 shares of the bank’s stock valued at $148,000 after acquiring an additional 1,043 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in South State Bank by 63.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock valued at $152,000 after acquiring an additional 675 shares during the last quarter. Bank of Montreal Can increased its stake in South State Bank by 38.7% in the fourth quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock valued at $187,000 after acquiring an additional 600 shares during the last quarter. Finally, TNB Financial bought a new position in South State Bank in the fourth quarter valued at approximately $200,000. 72.43% of the stock is currently owned by institutional investors and hedge funds.
SSB has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of South State Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, December 27th. Brean Capital reissued a “hold” rating on shares of South State Bank in a research note on Tuesday, January 2nd. BidaskClub cut shares of South State Bank from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 10th. SunTrust Banks reaffirmed a “buy” rating and set a $108.00 target price on shares of South State Bank in a research note on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $102.00 target price on shares of South State Bank in a research note on Tuesday, February 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $99.20.
South State Bank (NASDAQ:SSB) last posted its earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.11. The firm had revenue of $151.37 million for the quarter, compared to analysts’ expectations of $147.91 million. South State Bank had a net margin of 15.22% and a return on equity of 8.15%. The company’s revenue was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.15 earnings per share. sell-side analysts predict that South State Bank will post 5.81 earnings per share for the current year.
In other news, Director James C. Cherry sold 11,507 shares of South State Bank stock in a transaction on 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 transaction, the director now owns 11,500 shares in the company, valued at $1,017,980. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert R. Hill, Jr. sold 9,272 shares of South State Bank stock in a transaction on Friday, March 9th. The stock was sold at an average price of $91.01, for a total transaction of $843,844.72. Following the transaction, the chief executive officer now owns 111,879 shares in the company, valued at approximately $10,182,107.79. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,252 shares of company stock worth $2,887,856. Insiders own 1.96% of the company’s stock.
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South State Bank 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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