IndexIQ Advisors LLC Sells 3,767 Shares of South State Corp (NASDAQ:SSB)

IndexIQ Advisors LLC cut its stake in South State Corp (NASDAQ:SSB) by 24.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,869 shares of the bank’s stock after selling 3,767 shares during the quarter. IndexIQ Advisors LLC’s holdings in South State were worth $1,030,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SSB. Ladenburg Thalmann Financial Services Inc. increased its position in shares of South State by 35.8% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 763 shares of the bank’s stock worth $57,000 after acquiring an additional 201 shares in the last quarter. Royal Bank of Canada increased its position in shares of South State by 50.8% in the second quarter. Royal Bank of Canada now owns 5,466 shares of the bank’s stock worth $402,000 after acquiring an additional 1,841 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of South State by 1.4% in the third quarter. Envestnet Asset Management Inc. now owns 45,120 shares of the bank’s stock worth $3,398,000 after acquiring an additional 636 shares in the last quarter. CWM LLC increased its position in shares of South State by 5,404.8% in the third quarter. CWM LLC now owns 1,156 shares of the bank’s stock worth $87,000 after acquiring an additional 1,135 shares in the last quarter. Finally, Rhumbline Advisers increased its position in shares of South State by 4.1% in the third quarter. Rhumbline Advisers now owns 64,382 shares of the bank’s stock worth $4,848,000 after acquiring an additional 2,532 shares in the last quarter. 79.08% of the stock is owned by institutional investors.

Shares of SSB opened at $78.49 on Friday. The company’s 50 day moving average price is $83.27 and its 200 day moving average price is $79.73. South State Corp has a 52 week low of $63.91 and a 52 week high of $88.10. The company has a market capitalization of $2.66 billion, a PE ratio of 14.62 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.97 and a current ratio of 0.98.

South State (NASDAQ:SSB) last announced its quarterly earnings data on Monday, January 27th. The bank reported $1.48 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.05. South State had a net margin of 25.39% and a return on equity of 8.27%. The firm had revenue of $162.76 million for the quarter, compared to the consensus estimate of $162.15 million. During the same period in the previous year, the firm posted $1.35 earnings per share. On average, equities analysts forecast that South State Corp will post 5.6 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Thursday, February 6th. This is an increase from South State’s previous quarterly dividend of $0.46. This represents a $1.88 dividend on an annualized basis and a yield of 2.40%. South State’s payout ratio is presently 33.39%.

A number of brokerages recently commented on SSB. BidaskClub downgraded shares of South State from a “sell” rating to a “strong sell” rating in a research report on Saturday. Zacks Investment Research raised shares of South State from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research report on Friday, January 31st. Stephens raised shares of South State from an “underweight” rating to an “equal weight” rating in a research report on Monday, November 4th. ValuEngine raised shares of South State from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Finally, SunTrust Banks boosted their price objective on shares of South State from $90.00 to $97.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $82.00.

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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