RMB Capital Management LLC Reduces Position in South State Corp (SSB)
RMB Capital Management LLC decreased its holdings in South State Corp (NASDAQ:SSB) by 7.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 144,047 shares of the bank’s stock after selling 10,776 shares during the quarter. RMB Capital Management LLC owned 0.39% of South State worth $12,287,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bank of Montreal Can boosted its holdings in shares of South State by 38.7% in the fourth quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after buying an additional 600 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of South State by 63.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock worth $152,000 after buying an additional 675 shares during the last quarter. Intrust Bank NA boosted its holdings in shares of South State by 16.0% in the fourth quarter. Intrust Bank NA now owns 5,424 shares of the bank’s stock worth $473,000 after buying an additional 749 shares during the last quarter. Salem Investment Counselors Inc. boosted its holdings in shares of South State by 6.2% in the fourth quarter. Salem Investment Counselors Inc. now owns 13,247 shares of the bank’s stock worth $1,154,000 after buying an additional 770 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in shares of South State by 7.1% in the fourth quarter. US Bancorp DE now owns 14,864 shares of the bank’s stock worth $1,295,000 after buying an additional 990 shares during the last quarter. 74.75% of the stock is currently owned by institutional investors.
SSB has been the topic of a number of recent analyst reports. TheStreet upgraded shares of South State from a “c+” rating to an “a” rating in a research note on Thursday, May 24th. Keefe, Bruyette & Woods restated a “buy” rating and set a $102.00 target price on shares of South State in a research note on Tuesday, February 27th. Zacks Investment Research upgraded shares of South State from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a research note on Friday, April 27th. BidaskClub upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Friday, March 9th. Finally, Sandler O’Neill set a $94.00 target price on shares of South State and gave the stock a “hold” rating in a research note on Wednesday, March 28th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $98.20.
South State (NASDAQ:SSB) last released its earnings results on Tuesday, April 24th. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.10. South State had a net margin of 18.02% and a return on equity of 8.28%. The company had revenue of $172.50 million for the quarter, compared to analysts’ expectations of $173.68 million. During the same quarter last year, the business earned $1.15 EPS. The firm’s revenue was up 28.9% compared to the same quarter last year. analysts expect that South State Corp will post 5.93 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 18th. Stockholders of record on Friday, May 11th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, May 10th. This represents a $1.36 annualized dividend and a dividend yield of 1.46%. This is a boost from South State’s previous quarterly dividend of $0.33. South State’s dividend payout ratio (DPR) is presently 28.04%.
In other news, CEO Robert R. Hill, Jr. sold 9,272 shares of South State stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $91.01, for a total transaction of $843,844.72. Following the sale, the chief executive officer now owns 111,879 shares in the company, valued at $10,182,107.79. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joe E. Burns sold 506 shares of South State stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $90.60, for a total transaction of $45,843.60. Following the sale, the insider now owns 39,137 shares in the company, valued at approximately $3,545,812.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,769 shares of company stock worth $2,122,661. Company insiders own 1.96% of the company’s stock.
South State Profile
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, 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, ATM processing, and wealth management and trust services.
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