Sterling Capital Management LLC lowered its stake in shares of South State Corporation (NASDAQ:SSB) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,101 shares of the bank’s stock after selling 802 shares during the period. Sterling Capital Management LLC owned approximately 0.05% of South State worth $1,450,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its holdings in South State by 47.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,540 shares of the bank’s stock worth $132,000 after buying an additional 497 shares during the last quarter. Bank of Montreal Can boosted its holdings in South State by 2.2% during the second quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock worth $133,000 after buying an additional 34 shares during the last quarter. SG Americas Securities LLC boosted its holdings in South State by 1.3% during the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock worth $135,000 after buying an additional 20 shares during the last quarter. Strs Ohio boosted its holdings in South State by 38.5% during the second quarter. Strs Ohio now owns 1,800 shares of the bank’s stock worth $154,000 after buying an additional 500 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in South State by 48.5% during the second quarter. D.A. Davidson & CO. now owns 1,879 shares of the bank’s stock worth $161,000 after buying an additional 614 shares during the last quarter. Hedge funds and other institutional investors own 55.76% of the company’s stock.
SSB has been the topic of several recent analyst reports. BidaskClub upgraded South State from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 5th. SunTrust Banks reiterated a “buy” rating and set a $98.00 price objective on shares of South State in a report on Thursday, October 12th. Brean Capital reiterated a “hold” rating on shares of South State in a report on Monday, October 30th. Finally, Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a report on Saturday, September 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $97.33.
South State (NASDAQ:SSB) last released its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.02. South State had a return on equity of 8.85% and a net margin of 20.48%. The business had revenue of $136.36 million for the quarter, compared to analysts’ expectations of $139.85 million. During the same quarter in the previous year, the business posted $1.18 EPS. South State’s revenue for the quarter was up 17.0% on a year-over-year basis. analysts forecast that South State Corporation will post 4.72 earnings per share for the current fiscal year.
In other South State news, President John F. Windley sold 7,258 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $90.93, for a total value of $659,969.94. Following the sale, the president now owns 37,764 shares in the company, valued at approximately $3,433,880.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joe E. Burns sold 6,548 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $92.39, for a total value of $604,969.72. Following the completion of the sale, the insider now owns 37,595 shares in the company, valued at approximately $3,473,402.05. The disclosure for this sale can be found here. Insiders have sold a total of 72,620 shares of company stock worth $6,611,006 in the last quarter. 2.78% of the stock is currently owned by company insiders.
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South State Company Profile
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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