South State Corporation (SSB) Position Raised by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky increased its holdings in shares of South State Corporation (NASDAQ:SSB) by 125.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,781 shares of the bank’s stock after purchasing an additional 10,992 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of South State worth $1,781,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. boosted its holdings in South State by 47.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after acquiring an additional 497 shares in the last quarter. Bank of Montreal Can boosted its holdings in South State by 2.2% in the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after acquiring an additional 34 shares in the last quarter. SG Americas Securities LLC boosted its holdings in South State by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after acquiring an additional 20 shares in the last quarter. Strs Ohio boosted its holdings in South State by 38.5% in the second quarter. Strs Ohio now owns 1,800 shares of the bank’s stock worth $154,000 after acquiring an additional 500 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in South State by 48.5% in the second quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after acquiring an additional 614 shares in the last quarter. 69.92% of the stock is owned by institutional investors and hedge funds.
South State Corporation (NASDAQ SSB) opened at $92.95 on Thursday. South State Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $94.50. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2,649.67, a P/E ratio of 19.25, a PEG ratio of 2.40 and a beta of 1.09.
South State (NASDAQ:SSB) last posted its earnings results on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.02. South State had a return on equity of 8.85% and a net margin of 20.48%. The company had revenue of $136.36 million for the quarter, compared to analyst estimates of $139.85 million. During the same quarter last year, the company earned $1.18 earnings per share. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. sell-side analysts forecast that South State Corporation will post 4.72 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 10th were issued a $0.33 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.42%. South State’s dividend payout ratio is presently 33.85%.
Several brokerages have issued reports on SSB. SunTrust Banks reiterated a “buy” rating and issued a $107.00 price target on shares of South State in a report on Wednesday. BidaskClub upgraded South State from a “hold” rating to a “buy” rating in a report on Wednesday, September 27th. Brean Capital restated a “hold” rating on shares of South State in a report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. South State currently has an average rating of “Hold” and an average price target of $97.33.
In other news, insider Joe E. Burns sold 6,548 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $92.39, for a total value of $604,969.72. Following the transaction, the insider now owns 37,595 shares in the company, valued at $3,473,402.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert R. Horger sold 21,252 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $91.89, for a total value of $1,952,846.28. Following the completion of the transaction, the director now owns 75,084 shares in the company, valued at approximately $6,899,468.76. The disclosure for this sale can be found here. Insiders sold 49,107 shares of company stock worth $4,504,179 in the last 90 days. Corporate insiders own 2.78% of the company’s stock.
South State Company 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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