South State Corporation (SSB) Shares Bought by Ameritas Investment Partners Inc.
Ameritas Investment Partners Inc. increased its stake in shares of South State Corporation (NASDAQ:SSB) by 15.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,537 shares of the bank’s stock after purchasing an additional 335 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in South State Corporation were worth $217,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its holdings in South State Corporation by 1.3% during the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after acquiring an additional 20 shares during the last quarter. Bank of Montreal Can grew its holdings in South State Corporation by 2.2% during the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after acquiring an additional 34 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management grew its holdings in South State Corporation by 1.5% during the 2nd quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,300 shares of the bank’s stock worth $369,000 after acquiring an additional 65 shares during the last quarter. Carroll Financial Associates Inc. grew its holdings in South State Corporation by 2.5% during the 2nd quarter. Carroll Financial Associates Inc. now owns 3,438 shares of the bank’s stock worth $294,000 after acquiring an additional 83 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in South State Corporation by 0.8% during the 1st quarter. Prudential Financial Inc. now owns 16,650 shares of the bank’s stock worth $1,488,000 after acquiring an additional 130 shares during the last quarter. Institutional investors and hedge funds own 66.57% of the company’s stock.
In related news, CFO John C. Pollok sold 8,283 shares of South State Corporation stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $90.56, for a total value of $750,108.48. Following the transaction, the chief financial officer now directly owns 83,714 shares of the company’s stock, valued at $7,581,139.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joe E. Burns sold 500 shares of South State Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total transaction of $41,695.00. Following the completion of the transaction, the insider now directly owns 39,947 shares in the company, valued at $3,331,180.33. The disclosure for this sale can be found here. Insiders have sold 52,688 shares of company stock worth $4,798,586 over the last three months. Insiders own 2.78% of the company’s stock.
A number of equities research analysts have weighed in on SSB shares. BidaskClub raised shares of South State Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, September 27th. SunTrust Banks, Inc. reissued a “buy” rating and set a $98.00 target price on shares of South State Corporation in a report on Thursday, October 12th. Zacks Investment Research raised shares of South State Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. Brean Capital reissued a “hold” rating on shares of South State Corporation in a report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reissued a “neutral” rating and set a $90.00 target price on shares of South State Corporation in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $95.67.
Shares of South State Corporation (NASDAQ SSB) opened at 90.05 on Wednesday. South State Corporation has a 12-month low of $70.75 and a 12-month high of $93.85. The firm’s 50-day moving average is $89.07 and its 200-day moving average is $85.86. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 23.52 and a beta of 1.10.
South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Tuesday, October 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. The firm had revenue of $136.36 million for the quarter, compared to the consensus estimate of $139.85 million. South State Corporation had a net margin of 20.48% and a return on equity of 9.15%. The business’s revenue was up 17.0% compared to the same quarter last year. During the same period last year, the firm posted $1.18 earnings per share. On average, equities analysts predict that South State Corporation will post $4.76 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 10th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Thursday, November 9th. South State Corporation’s dividend payout ratio (DPR) is presently 33.85%.
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South State Corporation Profile
South State Corporation (NASDAQ: SSB) is the largest bank holding company headquartered in South Carolina. Founded in 1933, the company’s primary subsidiary, South State Bank, has been serving the financial needs of its local communities in 19 South Carolina counties, 12 Georgia counties and 4 North Carolina counties for over 80 years.
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