Gamco Investors INC. ET AL raised its holdings in shares of South State Corp (NASDAQ:SSB) by 75.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,000 shares of the bank’s stock after acquiring an additional 3,000 shares during the quarter. Gamco Investors INC. ET AL’s holdings in South State were worth $574,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the business. Wells Fargo & Company MN raised its stake in shares of South State by 44.8% in the third quarter. Wells Fargo & Company MN now owns 589,809 shares of the bank’s stock valued at $48,364,000 after purchasing an additional 182,406 shares in the last quarter. Sterling Capital Management LLC raised its stake in shares of South State by 148.9% in the third quarter. Sterling Capital Management LLC now owns 50,603 shares of the bank’s stock valued at $4,149,000 after purchasing an additional 30,269 shares in the last quarter. Victory Capital Management Inc. raised its stake in South State by 8.4% during the third quarter. Victory Capital Management Inc. now owns 1,149,847 shares of the bank’s stock worth $94,288,000 after acquiring an additional 89,060 shares in the last quarter. Asset Advisors Investment Management LLC acquired a new position in South State during the third quarter worth $15,709,000. Finally, First Trust Advisors LP raised its stake in South State by 84.6% during the third quarter. First Trust Advisors LP now owns 96,290 shares of the bank’s stock worth $7,896,000 after acquiring an additional 44,128 shares in the last quarter. 75.49% of the stock is currently owned by institutional investors.
South State stock opened at $68.95 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.94 and a quick ratio of 0.94. South State Corp has a 52-week low of $61.26 and a 52-week high of $94.50. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 14.22 and a beta of 1.07.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Shareholders of record on Friday, November 9th will be paid a dividend of $0.36 per share. This is a positive change from South State’s previous quarterly dividend of $0.35. This represents a $1.44 annualized dividend and a yield of 2.09%. The ex-dividend date is Thursday, November 8th. South State’s dividend payout ratio is currently 29.69%.
Several research analysts have issued reports on SSB shares. BidaskClub lowered South State from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 15th. Brean Capital reiterated a “hold” rating on shares of South State in a research note on Sunday, September 30th. ValuEngine lowered South State from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Zacks Investment Research lowered South State from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd. Finally, Stephens lowered South State from an “equal” rating to a “weight” rating in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $88.40.
In other South State news, Director Robert H. Demere, Jr. bought 2,000 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were bought at an average price of $63.12 per share, for a total transaction of $126,240.00. Following the completion of the acquisition, the director now owns 44,360 shares of the company’s stock, valued at $2,800,003.20. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.96% of the stock is currently owned by corporate insiders.
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South State 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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