Fenimore Asset Management Inc. Raises Position in South State Co. (SSB)

Fenimore Asset Management Inc. increased its position in shares of South State Co. (NASDAQ:SSB) by 0.5% in the 4th quarter, Holdings Channel reports. The firm owned 551,245 shares of the bank’s stock after acquiring an additional 2,734 shares during the period. South State accounts for 1.8% of Fenimore Asset Management Inc.’s holdings, making the stock its 21st biggest position. Fenimore Asset Management Inc.’s holdings in South State were worth $48,041,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in South State by 63.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,741 shares of the bank’s stock worth $152,000 after buying an additional 675 shares in the last quarter. Bank of Montreal Can grew its position in shares of South State by 38.7% in the fourth 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 during the period. TNB Financial purchased a new stake in shares of South State in the fourth quarter valued at $200,000. Teacher Retirement System of Texas purchased a new stake in shares of South State in the third quarter valued at $207,000. Finally, Stephens Inc. AR purchased a new stake in shares of South State in the fourth quarter valued at $219,000. 56.16% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have recently commented on SSB shares. SunTrust Banks reaffirmed a “buy” rating and issued a $98.00 price objective on shares of South State in a research report on Thursday, October 12th. BidaskClub downgraded South State from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 13th. Brean Capital reaffirmed a “hold” rating on shares of South State in a research report on Monday, October 23rd. Finally, Zacks Investment Research downgraded South State from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. South State currently has a consensus rating of “Hold” and an average target price of $98.75.

In other South State news, CEO Robert R. Hill, Jr. sold 8,878 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $89.12, for a total transaction of $791,207.36. Following the completion of the sale, the chief executive officer now owns 110,441 shares of the company’s stock, valued at $9,842,501.92. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Keith S. Rainwater sold 315 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $91.00, for a total value of $28,665.00. Following the sale, the insider now directly owns 5,013 shares of the company’s stock, valued at approximately $456,183. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,213 shares of company stock valued at $3,945,299. 2.78% of the stock is owned by company insiders.

Shares of South State Co. (NASDAQ SSB) opened at $84.20 on Friday. The company has a market capitalization of $3,210.96, a price-to-earnings ratio of 28.26, a PEG ratio of 1.89 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.93 and a quick ratio of 0.92. South State Co. has a 1 year low of $78.60 and a 1 year high of $94.50.

South State (NASDAQ:SSB) last posted its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.11. South State had a return on equity of 9.04% and a net margin of 15.22%. The firm had revenue of $151.37 million during the quarter, compared to the consensus estimate of $147.91 million. During the same quarter in the previous year, the business earned $1.15 earnings per share. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. analysts expect that South State Co. will post 5.78 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Friday, February 9th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Thursday, February 8th. South State’s dividend payout ratio (DPR) is presently 44.30%.

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

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