Bank of New York Mellon Corp trimmed its holdings in shares of South State Co. (NASDAQ:SSB) by 11.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 516,235 shares of the bank’s stock after selling 67,527 shares during the period. Bank of New York Mellon Corp owned approximately 1.40% of South State worth $44,991,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Royal Bank of Canada lifted its stake in South State by 3.9% during the 2nd quarter. Royal Bank of Canada now owns 3,945 shares of the bank’s stock valued at $337,000 after acquiring an additional 147 shares during the period. Bank of Montreal Can increased its holdings in shares of South State by 38.7% during the 4th quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock valued at $187,000 after purchasing an additional 600 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of South State by 63.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock valued at $152,000 after purchasing an additional 675 shares in the last quarter. Intrust Bank NA increased its holdings in shares of South State by 16.0% during the 4th quarter. Intrust Bank NA now owns 5,424 shares of the bank’s stock valued at $473,000 after purchasing an additional 749 shares in the last quarter. Finally, Brown Advisory Inc. increased its holdings in shares of South State by 27.9% during the 3rd quarter. Brown Advisory Inc. now owns 4,208 shares of the bank’s stock valued at $378,000 after purchasing an additional 918 shares in the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.
In related news, Director James C. Cherry sold 11,507 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $88.52, for a total value of $1,018,599.64. Following the completion of the sale, the director now owns 11,500 shares of the company’s stock, valued at approximately $1,017,980. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert R. Hill, Jr. sold 882 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $88.80, for a total transaction of $78,321.60. The disclosure for this sale can be found here. In the last three months, insiders sold 32,252 shares of company stock valued at $2,887,856. 1.96% of the stock is owned by insiders.
Several equities analysts have recently weighed in on the stock. BidaskClub lowered shares of South State from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 10th. Zacks Investment Research lowered shares of South State from a “buy” rating to a “hold” rating in a report on Tuesday, March 13th. Brean Capital reaffirmed a “hold” rating on shares of South State in a report on Monday, February 5th. Sandler O’Neill set a $94.00 target price on shares of South State and gave the company a “hold” rating in a report on Wednesday, March 28th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $108.00 target price on shares of South State in a report on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $99.20.
NASDAQ SSB traded down $0.80 on Monday, hitting $84.50. The company had a trading volume of 124,274 shares, compared to its average volume of 153,492. The firm has a market cap of $3,137.77, a PE ratio of 17.42, a PEG ratio of 1.83 and a beta of 1.01. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.93 and a current ratio of 0.93. South State Co. has a 12-month low of $78.60 and a 12-month high of $94.50.
South State (NASDAQ:SSB) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.19 by $0.11. The company had revenue of $151.37 million during the quarter, compared to analyst estimates of $147.91 million. South State had a net margin of 15.22% and a return on equity of 8.15%. The firm’s revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 EPS. equities analysts predict that South State Co. will post 5.81 EPS for the current fiscal year.
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About South State
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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