BNP Paribas Arbitrage SA Grows Holdings in South State Corp (SSB)

BNP Paribas Arbitrage SA raised its position in shares of South State Corp (NASDAQ:SSB) by 865.1% during the first quarter, HoldingsChannel reports. The firm owned 8,223 shares of the bank’s stock after purchasing an additional 7,371 shares during the period. BNP Paribas Arbitrage SA’s holdings in South State were worth $562,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Toronto Dominion Bank bought a new position in shares of South State during the fourth quarter valued at about $26,000. Geode Capital Management LLC grew its stake in shares of South State by 6.1% during the fourth quarter. Geode Capital Management LLC now owns 412,314 shares of the bank’s stock valued at $24,718,000 after buying an additional 23,760 shares during the last quarter. Huntington National Bank grew its stake in shares of South State by 65.2% during the fourth quarter. Huntington National Bank now owns 1,469 shares of the bank’s stock valued at $88,000 after buying an additional 580 shares during the last quarter. Northern Trust Corp grew its stake in shares of South State by 1.1% during the fourth quarter. Northern Trust Corp now owns 751,086 shares of the bank’s stock valued at $45,028,000 after buying an additional 8,021 shares during the last quarter. Finally, Aurora Investment Counsel grew its stake in shares of South State by 9.2% during the fourth quarter. Aurora Investment Counsel now owns 21,689 shares of the bank’s stock valued at $1,300,000 after buying an additional 1,832 shares during the last quarter. Institutional investors and hedge funds own 79.73% of the company’s stock.

NASDAQ SSB opened at $72.36 on Thursday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $2.51 billion, a P/E ratio of 13.16 and a beta of 1.25. South State Corp has a 1 year low of $56.55 and a 1 year high of $93.25.



South State (NASDAQ:SSB) last posted its earnings results on Monday, April 29th. The bank reported $1.26 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.26. The company had revenue of $155.33 million for the quarter, compared to analysts’ expectations of $158.86 million. South State had a return on equity of 8.27% and a net margin of 25.49%. During the same period last year, the firm earned $1.39 earnings per share. As a group, analysts anticipate that South State Corp will post 5.34 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from South State’s previous quarterly dividend of $0.38. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. South State’s dividend payout ratio (DPR) is presently 29.09%.

A number of research analysts have recently issued reports on the company. Zacks Investment Research raised South State from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research note on Wednesday, April 3rd. Brean Capital reaffirmed a “hold” rating on shares of South State in a research note on Tuesday, January 22nd. BidaskClub raised South State from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. SunTrust Banks raised their price objective on South State to $85.00 and gave the company an “in-line” rating in a research note on Wednesday, May 1st. Finally, TheStreet raised South State from a “c+” rating to a “b-” rating in a research note on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have issued 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 a consensus target price of $78.40.

In other South State news, President John F. Windley sold 3,947 shares of South State stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $71.01, for a total transaction of $280,276.47. Following the sale, the president now directly owns 39,021 shares of the company’s stock, valued at approximately $2,770,881.21. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James C. Cherry sold 1,785 shares of South State stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $75.96, for a total value of $135,588.60. Following the sale, the director now directly owns 7,000 shares in the company, valued at $531,720. The disclosure for this sale can be found here. Insiders sold 6,232 shares of company stock worth $451,365 over the last three months. 2.05% of the stock is owned by insiders.

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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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