Natixis acquired a new position in South State Corp (NASDAQ:SSB) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 233,697 shares of the bank’s stock, valued at approximately $19,858,000. Natixis owned about 0.64% of South State as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of South State by 24.3% in the 4th quarter. BlackRock Inc. now owns 2,741,506 shares of the bank’s stock worth $238,922,000 after acquiring an additional 536,109 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in South State by 1.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 937,908 shares of the bank’s stock valued at $81,739,000 after buying an additional 10,719 shares during the last quarter. Cardinal Capital Management LLC CT increased its stake in South State by 14.7% in the 1st quarter. Cardinal Capital Management LLC CT now owns 780,509 shares of the bank’s stock valued at $66,577,000 after buying an additional 99,947 shares during the last quarter. Northern Trust Corp grew its position in shares of South State by 0.6% during the 1st quarter. Northern Trust Corp now owns 742,803 shares of the bank’s stock valued at $63,361,000 after acquiring an additional 4,380 shares during the period. Finally, Channing Capital Management LLC grew its position in shares of South State by 9.2% during the 4th quarter. Channing Capital Management LLC now owns 685,449 shares of the bank’s stock valued at $59,737,000 after acquiring an additional 57,930 shares during the period. 74.73% of the stock is currently owned by institutional investors.
In other news, CFO John C. Pollok sold 3,994 shares of the business’s stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $88.00, for a total transaction of $351,472.00. Following the completion of the transaction, the chief financial officer now directly owns 82,372 shares of the company’s stock, valued at $7,248,736. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President John F. Windley sold 7,362 shares of the business’s stock in a transaction that occurred on Friday, May 11th. The shares were sold at an average price of $88.00, for a total transaction of $647,856.00. Following the transaction, the president now directly owns 28,535 shares of the company’s stock, valued at $2,511,080. The disclosure for this sale can be found here. Insiders have sold 17,212 shares of company stock worth $1,531,040 in the last three months. 1.96% of the stock is currently owned by insiders.
A number of research analysts have recently weighed in on the stock. BidaskClub raised shares of South State from a “sell” rating to a “hold” rating in a research report on Friday, March 9th. Zacks Investment Research downgraded shares of South State from a “hold” rating to a “sell” rating in a report on Wednesday. TheStreet downgraded shares of South State from a “b” rating to a “c+” rating in a report on Wednesday, April 11th. Brean Capital reissued a “hold” rating on shares of South State in a report on Thursday, April 5th. Finally, Keefe, Bruyette & Woods downgraded shares of South State from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. South State has a consensus rating of “Hold” and a consensus price target of $98.20.
Shares of South State opened at $86.25 on Friday, Marketbeat Ratings reports. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 1.85 and a beta of 1.02. South State Corp has a 12-month low of $78.60 and a 12-month high of $94.50. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.93 and a current ratio of 0.94.
South State (NASDAQ:SSB) last announced its earnings results on Tuesday, April 24th. The bank reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.10. The firm had revenue of $172.50 million for the quarter, compared to analyst estimates of $173.68 million. South State had a net margin of 18.02% and a return on equity of 8.28%. The company’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.15 EPS. research analysts expect that South State Corp will post 5.93 earnings per share for the current fiscal year.
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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