South State Corp (NASDAQ:SSB) Director Robert R. Horger sold 8,339 shares of South State stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $75.00, for a total transaction of $625,425.00. Following the sale, the director now owns 75,231 shares of the company’s stock, valued at $5,642,325. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
NASDAQ:SSB traded up $1.96 during mid-day trading on Monday, hitting $74.73. 161,400 shares of the company’s stock traded hands, compared to its average volume of 163,105. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market cap of $2.49 billion, a PE ratio of 13.59 and a beta of 1.35. The firm’s 50 day simple moving average is $75.20 and its 200 day simple moving average is $72.47. South State Corp has a 1 year low of $56.55 and a 1 year high of $85.50.
South State (NASDAQ:SSB) last announced its quarterly earnings results on Monday, July 29th. The bank reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.08. The company had revenue of $164.80 million for the quarter, compared to the consensus estimate of $159.75 million. South State had a net margin of 25.33% and a return on equity of 8.11%. During the same quarter in the prior year, the firm earned $1.43 earnings per share. On average, research analysts expect that South State Corp will post 5.43 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of SSB. Dimensional Fund Advisors LP grew its holdings in South State by 7.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,575,107 shares of the bank’s stock valued at $94,428,000 after buying an additional 103,151 shares during the last quarter. Fenimore Asset Management Inc. raised its holdings in shares of South State by 0.5% in the second quarter. Fenimore Asset Management Inc. now owns 897,525 shares of the bank’s stock worth $66,121,000 after acquiring an additional 4,557 shares during the last quarter. Alps Advisors Inc. acquired a new position in shares of South State in the first quarter worth $395,000. Aurora Investment Counsel raised its holdings in shares of South State by 6.0% in the second quarter. Aurora Investment Counsel now owns 23,632 shares of the bank’s stock worth $1,892,000 after acquiring an additional 1,330 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of South State by 109.1% in the first quarter. New York State Common Retirement Fund now owns 242,469 shares of the bank’s stock valued at $16,570,000 after acquiring an additional 126,520 shares in the last quarter. 80.29% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently weighed in on SSB shares. BidaskClub cut South State from a “buy” rating to a “hold” rating in a report on Friday, August 30th. Zacks Investment Research cut South State from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Stephens reaffirmed a “sell” rating and set a $63.00 price objective on shares of South State in a report on Wednesday, August 7th. Finally, ValuEngine upgraded South State from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock presently has an average rating of “Hold” and an average price target of $75.67.
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.
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