Teachers Retirement System of The State of Kentucky Sells 30,681 Shares of South State Co. (NASDAQ:SSB)

Teachers Retirement System of The State of Kentucky cut its holdings in shares of South State Co. (NASDAQ:SSB) by 59.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,773 shares of the bank’s stock after selling 30,681 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in South State were worth $1,551,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Arlington Partners LLC purchased a new position in shares of South State during the third quarter worth $72,000. Toronto Dominion Bank boosted its position in South State by 20.9% during the second quarter. Toronto Dominion Bank now owns 1,126 shares of the bank’s stock worth $92,000 after acquiring an additional 195 shares during the last quarter. Advisory Services Network LLC acquired a new position in South State during the second quarter worth about $127,000. Heritage Wealth Management LLC purchased a new position in South State during the second quarter worth about $133,000. Finally, Spire Wealth Management raised its stake in shares of South State by 18.1% in the 3rd quarter. Spire Wealth Management now owns 2,124 shares of the bank’s stock valued at $159,000 after acquiring an additional 326 shares during the period. 82.03% of the stock is owned by institutional investors.

In other news, Chairman Robert R. Hill, Jr. sold 6,118 shares of the firm’s stock in a transaction dated Tuesday, November 23rd. The stock was sold at an average price of $83.00, for a total transaction of $507,794.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.79% of the company’s stock.

Several research analysts have recently issued reports on SSB shares. DA Davidson upgraded shares of South State from a “neutral” rating to a “buy” rating and set a $81.00 target price for the company in a report on Tuesday, September 21st. Raymond James raised shares of South State from a “market perform” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research note on Thursday, December 16th. Finally, Zacks Investment Research raised shares of South State from a “sell” rating to a “hold” rating in a research note on Wednesday, November 3rd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $79.87.

Shares of SSB opened at $93.14 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.10. South State Co. has a 1-year low of $62.60 and a 1-year high of $93.26. The business’s 50-day moving average price is $81.97 and its 200 day moving average price is $76.69. The stock has a market capitalization of $6.50 billion, a P/E ratio of 14.55 and a beta of 0.95.

South State (NASDAQ:SSB) last posted its earnings results on Wednesday, October 27th. The bank reported $1.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.41. The firm had revenue of $347.00 million during the quarter, compared to analyst estimates of $344.72 million. South State had a return on equity of 11.16% and a net margin of 31.07%. The company’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.58 EPS. On average, research analysts predict that South State Co. will post 7.38 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 19th. Shareholders of record on Friday, November 12th were paid a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Wednesday, November 10th. South State’s payout ratio is 30.63%.

About South State

South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits; lending and credit card servicing; ATM processing; mortgage banking services; correspondent banking services and wealth management; and trust services.

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Institutional Ownership by Quarter for South State (NASDAQ:SSB)

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