Rhumbline Advisers Raises Position in South State Co. (SSB)
Rhumbline Advisers increased its position in South State Co. (NASDAQ:SSB) by 6.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 44,303 shares of the bank’s stock after buying an additional 2,779 shares during the quarter. Rhumbline Advisers’ holdings in South State were worth $3,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. bought a new position in South State in the fourth quarter worth $322,000. Eagle Boston Investment Management Inc. bought a new position in shares of South State during the fourth quarter valued at $304,000. Eagle Asset Management Inc. lifted its holdings in shares of South State by 55.0% during the fourth quarter. Eagle Asset Management Inc. now owns 162,807 shares of the bank’s stock valued at $14,184,000 after acquiring an additional 57,773 shares during the period. Intrust Bank NA lifted its holdings in shares of South State by 16.0% during the fourth quarter. Intrust Bank NA now owns 5,424 shares of the bank’s stock valued at $473,000 after acquiring an additional 749 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of South State by 1,597.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 366,105 shares of the bank’s stock valued at $31,907,000 after acquiring an additional 344,539 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.
Shares of South State Co. (SSB) opened at $91.00 on Wednesday. South State Co. has a 12 month low of $78.60 and a 12 month high of $94.50. The firm has a market capitalization of $3,373.19, a price-to-earnings ratio of 30.54, a PEG ratio of 1.97 and a beta of 1.03. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.09.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were paid a $0.33 dividend. The ex-dividend date was Thursday, February 8th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.45%. South State’s dividend payout ratio (DPR) is presently 44.30%.
A number of brokerages have issued reports on SSB. BidaskClub cut South State from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 10th. Zacks Investment Research cut South State from a “buy” rating to a “hold” rating in a report on Tuesday. Brean Capital reissued a “hold” rating on shares of South State in a report on Monday, February 5th. SunTrust Banks reissued a “buy” rating and set a $107.00 price objective on shares of South State in a report on Wednesday, November 29th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $102.00 price objective 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 issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $100.50.
In other news, Director James C. Cherry sold 11,507 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 11,500 shares in the company, valued at $1,017,980. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert R. Hill, Jr. sold 9,272 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $91.01, for a total value of $843,844.72. Following the completion of the sale, the chief executive officer now owns 111,879 shares of the company’s stock, valued at $10,182,107.79. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,252 shares of company stock valued at $2,887,856. 1.96% of the stock is currently owned by corporate insiders.
South State 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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