Systematic Financial Management LP cut its holdings in shares of South State Corp (NASDAQ:SSB) by 52.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 925 shares of the bank’s stock after selling 1,020 shares during the period. Systematic Financial Management LP’s holdings in South State were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in South State by 7.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,575,107 shares of the bank’s stock valued at $94,428,000 after purchasing an additional 103,151 shares during the period. Victory Capital Management Inc. lifted its position in South State by 3.8% during the first quarter. Victory Capital Management Inc. now owns 1,217,236 shares of the bank’s stock valued at $83,186,000 after purchasing an additional 44,214 shares during the period. Fenimore Asset Management Inc. lifted its position in South State by 0.5% during the second quarter. Fenimore Asset Management Inc. now owns 897,525 shares of the bank’s stock valued at $66,121,000 after purchasing an additional 4,557 shares during the period. Wells Fargo & Company MN lifted its position in South State by 13.0% during the first quarter. Wells Fargo & Company MN now owns 701,623 shares of the bank’s stock valued at $47,949,000 after purchasing an additional 80,843 shares during the period. Finally, Westwood Holdings Group Inc. lifted its position in South State by 23.0% during the first quarter. Westwood Holdings Group Inc. now owns 489,418 shares of the bank’s stock valued at $33,447,000 after purchasing an additional 91,488 shares during the period. Institutional investors own 82.06% of the company’s stock.
SSB has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of South State from a “buy” rating to a “hold” rating in a report on Friday, August 9th. BidaskClub raised shares of South State from a “hold” rating to a “buy” rating in a report on Saturday, July 27th. Stephens reaffirmed a “sell” rating and issued a $63.00 price objective on shares of South State in a report on Wednesday, August 7th. SunTrust Banks lifted their price objective on shares of South State to $85.00 and gave the company an “in-line” rating in a report on Wednesday, May 1st. Finally, ValuEngine raised shares of South State from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $75.67.
South State (NASDAQ:SSB) last released its quarterly earnings data on Monday, July 29th. The bank reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.08. South State had a net margin of 25.33% and a return on equity of 8.11%. The company had revenue of $164.80 million during the quarter, compared to analysts’ expectations of $159.75 million. During the same quarter in the previous year, the company earned $1.43 earnings per share. On average, analysts predict that South State Corp will post 5.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 9th will be issued a $0.43 dividend. This is a boost from South State’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, August 8th. This represents a $1.72 dividend on an annualized basis and a yield of 2.27%. South State’s payout ratio is presently 31.27%.
In other news, insider Keith S. Rainwater sold 548 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $73.60, for a total transaction of $40,332.80. Following the completion of the sale, the insider now owns 5,398 shares of the company’s stock, valued at $397,292.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert H. Demere, Jr. bought 3,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $68.40 per share, with a total value of $205,200.00. Following the purchase, the director now directly owns 49,081 shares of the company’s stock, valued at $3,357,140.40. The disclosure for this purchase can be found here. 2.05% of the stock is currently owned by insiders.
About South State
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.
Featured Article: How Do You Make Money With Penny Stocks?
Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for South State Corp (NASDAQ:SSB).
Receive News & Ratings for South State Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for South State and related companies with MarketBeat.com's FREE daily email newsletter.