South State Corp. (SSB) Stake Increased by Fenimore Asset Management Inc.
Fenimore Asset Management Inc. boosted its position in shares of South State Corp. (NASDAQ:SSB) by 0.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 530,710 shares of the company’s stock after buying an additional 4,075 shares during the period. South State Corp. comprises about 1.9% of Fenimore Asset Management Inc.’s portfolio, making the stock its 21st largest position. Fenimore Asset Management Inc. owned approximately 2.21% of South State Corp. worth $39,824,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of SSB. Victory Capital Management Inc. boosted its position in South State Corp. by 37.8% in the second quarter. Victory Capital Management Inc. now owns 519,077 shares of the company’s stock valued at $35,323,000 after buying an additional 142,518 shares during the last quarter. Hillcrest Asset Management LLC bought a new position in South State Corp. during the first quarter valued at approximately $8,593,000. Emerald Acquisition Ltd. bought a new position in South State Corp. during the second quarter valued at approximately $8,961,000. Loomis Sayles & Co. L P boosted its position in South State Corp. by 45.1% in the first quarter. Loomis Sayles & Co. L P now owns 370,938 shares of the company’s stock valued at $23,825,000 after buying an additional 115,217 shares during the last quarter. Finally, State Street Corp boosted its position in South State Corp. by 23.4% in the first quarter. State Street Corp now owns 499,431 shares of the company’s stock valued at $32,082,000 after buying an additional 94,700 shares during the last quarter. 68.93% of the stock is owned by institutional investors and hedge funds.
Shares of South State Corp. (NASDAQ:SSB) traded up 0.09% during mid-day trading on Wednesday, reaching $75.79. The company’s stock had a trading volume of 29,036 shares. South State Corp. has a 52 week low of $59.19 and a 52 week high of $81.80. The firm has a 50-day moving average of $75.29 and a 200-day moving average of $70.96. The firm has a market capitalization of $1.82 billion, a PE ratio of 18.44 and a beta of 1.10.
South State Corp. (NASDAQ:SSB) last issued its earnings results on Friday, July 22nd. The company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.07. South State Corp. had a return on equity of 10.04% and a net margin of 21.78%. Equities research analysts forecast that South State Corp. will post $4.55 earnings per share for the current fiscal year.
Several research analysts recently commented on SSB shares. Keefe, Bruyette & Woods started coverage on South State Corp. in a research note on Monday, June 20th. They set an “outperform” rating and a $78.00 target price for the company. FIG Partners downgraded South State Corp. from an “outperform” rating to a “market-perform” rating in a report on Sunday, July 24th.
In related news, CEO Robert R. Hill, Jr. sold 1,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $72.24, for a total value of $72,240.00. Following the completion of the sale, the chief executive officer now directly owns 140,167 shares in the company, valued at approximately $10,125,664.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert R. Hill, Jr. sold 2,545 shares of the stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $72.00, for a total value of $183,240.00. Following the completion of the sale, the chief executive officer now owns 139,832 shares of the company’s stock, valued at $10,067,904. The disclosure for this sale can be found here. 4.18% of the stock is owned by corporate insiders.
South State Corp. 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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