Legal & General Group Plc raised its position in South State Corp (NASDAQ:SSB) by 18.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 15,265 shares of the bank’s stock after acquiring an additional 2,399 shares during the quarter. Legal & General Group Plc’s holdings in South State were worth $915,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of SSB. Metropolitan Life Insurance Co. NY grew its stake in shares of South State by 362.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 11,639 shares of the bank’s stock worth $698,000 after acquiring an additional 9,122 shares in the last quarter. Two Sigma Investments LP acquired a new position in shares of South State in the fourth quarter worth $1,274,000. MUFG Securities EMEA plc acquired a new position in shares of South State in the fourth quarter worth $899,000. Geode Capital Management LLC grew its stake in shares of South State by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 412,314 shares of the bank’s stock worth $24,718,000 after acquiring an additional 23,760 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of South State by 2.3% in the fourth quarter. California State Teachers Retirement System now owns 57,214 shares of the bank’s stock worth $3,430,000 after acquiring an additional 1,291 shares in the last quarter. Institutional investors own 78.58% of the company’s stock.
Shares of SSB stock opened at $73.65 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market cap of $2.59 billion, a P/E ratio of 13.34 and a beta of 1.22. South State Corp has a 12 month low of $56.55 and a 12 month high of $93.25.
South State (NASDAQ:SSB) last issued its earnings results on Monday, January 28th. The bank reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.03. The firm had revenue of $162.03 million during the quarter, compared to the consensus estimate of $160.79 million. South State had a net margin of 24.99% and a return on equity of 8.59%. During the same quarter in the previous year, the firm posted $1.30 earnings per share. On average, sell-side analysts anticipate that South State Corp will post 5.39 earnings per share for the current year.
In other South State news, insider Keith S. Rainwater sold 500 shares of the company’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $71.00, for a total value of $35,500.00. Following the completion of the transaction, the insider now owns 6,146 shares in the company, valued at $436,366. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert R. Hill, Jr. sold 9,892 shares of the company’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $67.00, for a total transaction of $662,764.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,339 shares of company stock valued at $978,540. Insiders own 2.05% of the company’s stock.
SSB has been the subject of several research reports. BidaskClub upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Wednesday, March 27th. Zacks Investment Research downgraded shares of South State from a “buy” rating to a “sell” rating in a research note on Wednesday, April 10th. Brean Capital reiterated a “hold” rating on shares of South State in a research note on Monday, January 14th. Finally, TheStreet upgraded shares of South State from a “c+” rating to a “b-” rating in a research note on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $77.20.
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South State Company 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 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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