Strs Ohio increased its holdings in South State Corp (NASDAQ:SSB) by 7.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,300 shares of the bank’s stock after purchasing an additional 900 shares during the period. Strs Ohio’s holdings in South State were worth $979,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Bremer Bank National Association bought a new stake in South State during the first quarter valued at about $40,000. Synovus Financial Corp boosted its holdings in South State by 80.7% during the first quarter. Synovus Financial Corp now owns 1,245 shares of the bank’s stock valued at $85,000 after acquiring an additional 556 shares during the period. ETF Managers Group LLC boosted its holdings in South State by 8.8% during the first quarter. ETF Managers Group LLC now owns 1,693 shares of the bank’s stock valued at $116,000 after acquiring an additional 137 shares during the period. Teton Advisors Inc. bought a new stake in South State during the first quarter valued at about $219,000. Finally, Stephens Inc. AR bought a new stake in South State during the first quarter valued at about $222,000. Institutional investors own 82.06% of the company’s stock.
In related news, insider Keith S. Rainwater sold 548 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $73.60, for a total value of $40,332.80. Following the completion of the transaction, the insider now owns 5,398 shares of the company’s stock, valued at $397,292.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert H. Demere, Jr. purchased 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was acquired at an average cost of $68.40 per share, with a total value of $205,200.00. Following the transaction, the director now directly owns 49,081 shares of the company’s stock, 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.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Monday, July 29th. The bank reported $1.40 EPS for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.08. The business had revenue of $164.80 million during the quarter, compared to analyst estimates of $159.75 million. South State had a net margin of 25.33% and a return on equity of 8.11%. During the same quarter in the prior year, the business earned $1.43 earnings per share. Equities research analysts predict that South State Corp will post 5.44 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 9th will be given a dividend of $0.43 per share. The ex-dividend date is Thursday, August 8th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.27%. This is a positive change from South State’s previous quarterly dividend of $0.40. South State’s dividend payout ratio is currently 31.27%.
A number of research firms have issued reports on SSB. BidaskClub upgraded shares of South State from a “hold” rating to a “buy” rating in a report on Saturday, July 27th. Stephens reaffirmed a “sell” rating and set a $63.00 price objective on shares of South State in a research report on Wednesday, August 7th. Zacks Investment Research lowered shares of South State from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. SunTrust Banks upped their price objective on shares of South State to $85.00 and gave the company an “in-line” rating in a research report on Wednesday, May 1st. Finally, ValuEngine raised shares of South State from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $75.67.
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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