South State Corp (SSB) Stake Increased by Bank of New York Mellon Corp
Bank of New York Mellon Corp lifted its stake in shares of South State Corp (NASDAQ:SSB) by 9.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 678,187 shares of the bank’s stock after buying an additional 58,095 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.84% of South State worth $58,493,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in South State by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,429,842 shares of the bank’s stock worth $123,326,000 after purchasing an additional 39,934 shares during the last quarter. BlackRock Inc. lifted its stake in South State by 6.4% during the second quarter. BlackRock Inc. now owns 2,782,451 shares of the bank’s stock worth $239,986,000 after purchasing an additional 168,046 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in South State by 11.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 199,305 shares of the bank’s stock worth $17,191,000 after purchasing an additional 20,332 shares during the last quarter. Sei Investments Co. lifted its stake in South State by 46.6% during the second quarter. Sei Investments Co. now owns 3,783 shares of the bank’s stock worth $327,000 after purchasing an additional 1,202 shares during the last quarter. Finally, Xact Kapitalforvaltning AB lifted its stake in South State by 17.8% in the second quarter. Xact Kapitalforvaltning AB now owns 5,951 shares of the bank’s stock valued at $513,000 after buying an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 75.49% of the company’s stock.
A number of equities research analysts have issued reports on SSB shares. BidaskClub cut South State from a “hold” rating to a “sell” rating in a research note on Thursday, August 30th. ValuEngine cut South State from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Stephens reiterated a “hold” rating and issued a $95.00 target price on shares of South State in a research note on Tuesday, October 23rd. Zacks Investment Research cut South State from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd. Finally, Brean Capital reiterated a “hold” rating on shares of South State in a research note on Monday, July 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. South State has an average rating of “Hold” and a consensus target price of $88.40.
South State (NASDAQ:SSB) last issued its quarterly earnings results on Monday, October 22nd. The bank reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.11). The business had revenue of $160.32 million for the quarter, compared to analyst estimates of $167.07 million. South State had a net margin of 19.08% and a return on equity of 8.32%. During the same period last year, the business posted $1.22 earnings per share. Sell-side analysts anticipate that South State Corp will post 5.72 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Friday, November 9th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.09%. This is a positive change from South State’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Thursday, November 8th. South State’s dividend payout ratio (DPR) is 29.69%.
In other South State news, Director Robert H. Demere, Jr. purchased 2,000 shares of the stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $63.12 per share, with a total value of $126,240.00. Following the completion of the acquisition, the director now owns 44,360 shares of the company’s stock, valued at $2,800,003.20. The purchase was disclosed in a filing with the SEC, which is available through this link. 1.96% of the stock is currently owned by company insiders.
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About South State
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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