Forest Hill Capital LLC grew its stake in South State Co. (NASDAQ:SSB) by 93.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 120,852 shares of the bank’s stock after buying an additional 58,224 shares during the period. South State makes up 3.0% of Forest Hill Capital LLC’s investment portfolio, making the stock its 15th biggest position. Forest Hill Capital LLC’s holdings in South State were worth $10,532,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Captrust Financial Advisors acquired a new stake in South State during the fourth quarter worth approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake 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 purchasing an additional 675 shares during the period. Bank of Montreal Can grew its stake in South State by 38.7% during the fourth quarter. Bank of Montreal Can now owns 2,150 shares of the bank’s stock worth $187,000 after purchasing an additional 600 shares during the period. TNB Financial acquired a new stake in South State during the fourth quarter worth approximately $200,000. Finally, Teacher Retirement System of Texas acquired a new stake in South State during the third quarter worth approximately $207,000. 72.42% of the stock is owned by institutional investors.
In other news, Director James C. Cherry sold 11,507 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $88.52, for a total value of $1,018,599.64. Following the transaction, the director now owns 11,500 shares in the company, valued at $1,017,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert R. Hill, Jr. sold 8,878 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $89.12, for a total value of $791,207.36. Following the completion of the transaction, the chief executive officer now owns 110,441 shares in the company, valued at approximately $9,842,501.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,252 shares of company stock worth $2,887,856. Corporate insiders own 1.96% of the company’s stock.
South State (NASDAQ:SSB) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.11. The business had revenue of $151.37 million for the quarter, compared to analyst estimates of $147.91 million. South State had a return on equity of 8.15% and a net margin of 15.22%. The company’s quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 earnings per share. equities analysts expect that South State Co. will post 5.81 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were issued a $0.33 dividend. The ex-dividend date was Thursday, February 8th. This represents a $1.32 annualized dividend and a yield of 1.45%. South State’s payout ratio is currently 44.30%.
SSB has been the subject of several recent analyst reports. Zacks Investment Research raised South State from a “sell” rating to a “hold” rating in a research note on Wednesday, December 27th. Brean Capital reiterated a “hold” rating on shares of South State in a report on Tuesday, January 2nd. BidaskClub upgraded South State from a “sell” rating to a “hold” rating in a report on Wednesday, November 15th. SunTrust Banks reiterated a “buy” rating and issued a $108.00 price target on shares of South State in a report on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $102.00 price target on shares of South State in a report on Tuesday, February 27th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. South State currently has an average rating of “Hold” and an average price target of $100.50.
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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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