Russell Investments Group Ltd. Has $3.40 Million Stock Position in South State Corp (NASDAQ:SSB)
Russell Investments Group Ltd. grew its position in shares of South State Corp (NASDAQ:SSB) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,163 shares of the bank’s stock after acquiring an additional 1,214 shares during the quarter. Russell Investments Group Ltd. owned 0.14% of South State worth $3,400,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bremer Bank National Association bought a new position in South State during the 1st quarter worth $40,000. Synovus Financial Corp grew its position in South State by 80.7% in the first quarter. Synovus Financial Corp now owns 1,245 shares of the bank’s stock valued at $85,000 after acquiring an additional 556 shares during the last quarter. ETF Managers Group LLC grew its position in South State by 8.8% in the first quarter. ETF Managers Group LLC now owns 1,693 shares of the bank’s stock valued at $116,000 after acquiring an additional 137 shares during the last quarter. Stephens Inc. AR bought a new position in South State in the first quarter valued at about $222,000. Finally, Janney Montgomery Scott LLC bought a new position in South State in the first quarter valued at about $243,000. 80.17% of the stock is owned by institutional investors.
In related news, CFO John C. Pollok sold 7,434 shares of South State stock in a transaction on Monday, August 19th. The stock was sold at an average price of $75.00, for a total transaction of $557,550.00. Following the transaction, the chief financial officer now directly owns 99,346 shares in the company, valued at $7,450,950. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert R. Horger sold 8,339 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $75.00, for a total value of $625,425.00. Following the completion of the transaction, the director now owns 75,231 shares in the company, valued at $5,642,325. The disclosure for this sale can be found here. 2.05% of the stock is owned by company insiders.
South State (NASDAQ:SSB) last released its quarterly earnings data on Monday, July 29th. The bank reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.08. The business had revenue of $164.80 million during the quarter, compared to analysts’ expectations of $159.75 million. South State had a return on equity of 8.11% and a net margin of 25.33%. During the same quarter last year, the business posted $1.43 EPS. Sell-side analysts expect that South State Corp will post 5.53 EPS for the current year.
SSB has been the topic of a number of recent research reports. Zacks Investment Research lowered South State from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. ValuEngine upgraded South State from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. BidaskClub downgraded South State from a “buy” rating to a “hold” rating in a report on Friday, August 30th. Finally, Stephens reiterated a “sell” rating and set a $63.00 price target on shares of South State in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $75.67.
South State 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 services, 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, and ATM processing services.
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