State of Wisconsin Investment Board cut its position in shares of South State Corporation (NASDAQ:SSB) by 7.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,900 shares of the bank’s stock after selling 4,100 shares during the period. State of Wisconsin Investment Board owned 0.17% of South State Corporation worth $4,191,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of SSB. Bank of Montreal Can increased its stake in shares of South State Corporation by 2.2% in 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 in the last quarter. 1st Global Advisors Inc. increased its stake in South State Corporation by 1.5% in the first quarter. 1st Global Advisors Inc. now owns 2,746 shares of the bank’s stock valued at $245,000 after buying an additional 40 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management increased its stake in South State Corporation by 1.5% in the second quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,300 shares of the bank’s stock valued at $369,000 after buying an additional 65 shares during the period. Carroll Financial Associates Inc. increased its stake in South State Corporation by 2.5% in the second quarter. Carroll Financial Associates Inc. now owns 3,438 shares of the bank’s stock valued at $294,000 after buying an additional 83 shares during the period. Finally, Prudential Financial Inc. increased its stake in South State Corporation by 0.8% in the first quarter. Prudential Financial Inc. now owns 16,650 shares of the bank’s stock valued at $1,488,000 after buying an additional 130 shares during the period. 66.71% of the stock is currently owned by hedge funds and other institutional investors.

Shares of South State Corporation (SSB) opened at 82.50 on Friday. The stock has a market capitalization of $2.40 billion, a PE ratio of 21.55 and a beta of 1.08. The stock’s 50 day moving average is $82.86 and its 200 day moving average is $86.15. South State Corporation has a 52-week low of $70.75 and a 52-week high of $93.40.

South State Corporation (NASDAQ:SSB) last posted its quarterly earnings data on Friday, July 21st. The bank reported $1.18 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The firm had revenue of $136.61 million for the quarter, compared to the consensus estimate of $137 million. Equities research analysts expect that South State Corporation will post $4.75 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Friday, August 11th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.32 dividend on an annualized basis and a yield of 1.60%. South State Corporation’s dividend payout ratio (DPR) is 34.11%.

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SSB has been the subject of several recent research reports. Stephens reissued a “hold” rating on shares of South State Corporation in a research report on Friday, May 12th. BidaskClub raised shares of South State Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Zacks Investment Research raised shares of South State Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 22nd. Keefe, Bruyette & Woods raised shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 price target for the company in a research report on Tuesday, July 25th. Finally, Brean Capital reissued a “hold” rating on shares of South State Corporation in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $96.50.

In other South State Corporation news, CEO Robert R. Hill, Jr. sold 5,727 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $85.27, for a total transaction of $488,341.29. Following the transaction, the chief executive officer now directly owns 137,269 shares in the company, valued at approximately $11,704,927.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Keith S. Rainwater sold 300 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $86.10, for a total transaction of $25,830.00. Following the transaction, the insider now owns 5,328 shares in the company, valued at $458,740.80. The disclosure for this sale can be found here. Insiders have sold a total of 11,396 shares of company stock worth $960,916 over the last quarter. 2.78% of the stock is currently owned by insiders.

South State Corporation 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.

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

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