South State Corp (SSB) Stake Increased by UBS Group AG

UBS Group AG lifted its position in shares of South State Corp (NASDAQ:SSB) by 109.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,877 shares of the bank’s stock after acquiring an additional 980 shares during the period. UBS Group AG’s holdings in South State were worth $160,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Quantbot Technologies LP lifted its stake in South State by 357.1% in the 1st quarter. Quantbot Technologies LP now owns 1,481 shares of the bank’s stock valued at $126,000 after purchasing an additional 1,157 shares during the last quarter. Sei Investments Co. lifted its stake in South State by 130.7% in the 1st quarter. Sei Investments Co. now owns 2,581 shares of the bank’s stock valued at $220,000 after purchasing an additional 1,462 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in South State in the 1st quarter valued at approximately $227,000. Cambridge Investment Research Advisors Inc. bought a new position in South State in the 1st quarter valued at approximately $295,000. Finally, SG Americas Securities LLC bought a new position in South State in the 1st quarter valued at approximately $327,000. 75.02% of the stock is owned by institutional investors.

In related news, insider Keith S. Rainwater sold 335 shares of the stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $88.60, for a total value of $29,681.00. Following the completion of the transaction, the insider now directly owns 5,388 shares of the company’s stock, valued at approximately $477,376.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James C. Cherry sold 2,715 shares of the stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $92.90, for a total value of $252,223.50. Following the completion of the transaction, the director now directly owns 8,785 shares of the company’s stock, valued at $816,126.50. The disclosure for this sale can be found here. Insiders have sold 5,856 shares of company stock valued at $531,712 over the last ninety days. Corporate insiders own 1.96% of the company’s stock.

Several equities analysts have issued reports on SSB shares. Brean Capital restated a “hold” rating on shares of South State in a research report on Thursday, May 3rd. Zacks Investment Research cut shares of South State from a “buy” rating to a “hold” rating in a research report on Thursday, May 17th. Sandler O’Neill restated a “hold” rating and issued a $81.00 price target on shares of South State in a research report on Thursday, August 2nd. TheStreet upgraded shares of South State from a “c+” rating to an “a” rating in a research report on Thursday, May 24th. Finally, FIG Partners cut shares of South State from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 31st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $93.20.

Shares of NASDAQ SSB opened at $83.35 on Tuesday. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 1.77 and a beta of 0.95. South State Corp has a 52-week low of $78.60 and a 52-week high of $94.50. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.05.

South State (NASDAQ:SSB) last posted its earnings results on Monday, July 30th. The bank reported $1.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.04). The company had revenue of $167.10 million for the quarter, compared to the consensus estimate of $177.03 million. South State had a net margin of 18.27% and a return on equity of 8.41%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period last year, the company posted $1.18 earnings per share. research analysts expect that South State Corp will post 5.83 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Friday, August 17th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, August 16th. This is a positive change from South State’s previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a dividend yield of 1.68%. South State’s dividend payout ratio is 28.04%.

South State Company Profile

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, 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, ATM processing, and wealth management and trust services.

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

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