JPMorgan Chase & Co. Has $4,717,000 Position in South State Corporation (SSB)
JPMorgan Chase & Co. cut its stake in shares of South State Corporation (NASDAQ:SSB) by 71.8% during the third quarter, Holdings Channel reports. The fund owned 62,871 shares of the company’s stock after selling 160,175 shares during the period. JPMorgan Chase & Co. owned about 0.26% of South State Corporation worth $4,717,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in SSB. Advisory Services Network LLC raised its position in South State Corporation by 3.0% in the second quarter. Advisory Services Network LLC now owns 1,600 shares of the company’s stock valued at $109,000 after buying an additional 47 shares during the last quarter. Advisor Group Inc. acquired a new stake in South State Corporation during the second quarter worth approximately $109,000. BNP Paribas Arbitrage SA raised its stake in South State Corporation by 377.0% in the second quarter. BNP Paribas Arbitrage SA now owns 1,636 shares of the company’s stock worth $111,000 after buying an additional 1,293 shares in the last quarter. 1st Global Advisors Inc. acquired a new stake in South State Corporation during the third quarter worth approximately $213,000. Finally, Stifel Financial Corp acquired a new stake in South State Corporation during the second quarter worth approximately $216,000. 68.95% of the stock is currently owned by hedge funds and other institutional investors.
South State Corporation (NASDAQ:SSB) traded up 1.90% during midday trading on Friday, hitting $85.90. The stock had a trading volume of 39,707 shares. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 20.26 and a beta of 1.02. The company’s 50 day moving average price is $87.29 and its 200-day moving average price is $76.73. South State Corporation has a 52 week low of $59.19 and a 52 week high of $91.85.
South State Corporation (NASDAQ:SSB) last issued its quarterly earnings data on Friday, October 21st. The company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.01. South State Corporation had a return on equity of 9.98% and a net margin of 22.27%. Equities analysts anticipate that South State Corporation will post $4.54 earnings per share for the current fiscal year.
A number of research firms have recently commented on SSB. Keefe, Bruyette & Woods lowered South State Corporation from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $83.00 to $88.00 in a research report on Tuesday, November 29th. Brean Capital began coverage on South State Corporation in a research report on Wednesday, November 30th. They set a “hold” rating on the stock. Zacks Investment Research raised South State Corporation from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Tuesday, October 25th. Finally, FIG Partners raised South State Corporation from a “market-perform” rating to an “outperform” rating in a research report on Thursday, November 3rd.
In other South State Corporation news, President John F. Windley sold 2,028 shares of the company’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $79.74, for a total value of $161,712.72. Following the sale, the president now owns 41,862 shares in the company, valued at approximately $3,338,075.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Keith S. Rainwater sold 300 shares of the company’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $83.40, for a total value of $25,020.00. Following the completion of the sale, the insider now owns 4,926 shares in the company, valued at approximately $410,828.40. The disclosure for this sale can be found here. Corporate insiders own 4.18% of the company’s stock.
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.
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