Prudential Financial Inc. cut its stake in South State Corporation (NASDAQ:SSB) by 43.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,430 shares of the bank’s stock after selling 7,220 shares during the quarter. Prudential Financial Inc.’s holdings in South State Corporation were worth $808,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SSB. Strs Ohio grew its position in shares of South State Corporation by 116.7% in the first quarter. Strs Ohio now owns 1,300 shares of the bank’s stock valued at $116,000 after purchasing an additional 700 shares in the last quarter. Bank of Montreal Can grew its position 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 valued at $133,000 after purchasing an additional 34 shares in the last quarter. SG Americas Securities LLC grew its position in shares of South State Corporation by 1.3% in the second quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after purchasing an additional 20 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of South State Corporation in the first quarter valued at $197,000. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of South State Corporation in the first quarter valued at $206,000. Institutional investors own 66.71% of the company’s stock.

Several brokerages have recently weighed in on SSB. BidaskClub cut South State Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Zacks Investment Research cut South State Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 26th. Keefe, Bruyette & Woods upgraded 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, Piper Jaffray Companies reiterated a “neutral” rating and issued a $90.00 price target on shares of South State Corporation in a research report on Thursday. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $92.50.

In other South State Corporation news, CEO Robert R. Hill, Jr. sold 2,831 shares of the stock in a transaction on Friday, August 25th. The stock was sold at an average price of $82.10, for a total value of $232,425.10. Following the completion of the sale, the chief executive officer now owns 140,215 shares in the company, valued at approximately $11,511,651.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joe E. Burns sold 500 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $83.39, for a total value of $41,695.00. Following the completion of the sale, the insider now owns 39,947 shares of the company’s stock, valued at approximately $3,331,180.33. The disclosure for this sale can be found here. Insiders sold a total of 3,581 shares of company stock valued at $294,408 in the last quarter. 2.78% of the stock is currently owned by company insiders.

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South State Corporation (NASDAQ:SSB) opened at 91.45 on Friday. The stock has a 50 day moving average price of $84.18 and a 200 day moving average price of $85.31. South State Corporation has a 12 month low of $70.75 and a 12 month high of $93.40. The stock has a market capitalization of $2.66 billion, a PE ratio of 23.89 and a beta of 1.10.

South State Corporation (NASDAQ:SSB) last issued its quarterly earnings results on Friday, July 21st. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.18. South State Corporation had a return on equity of 9.15% and a net margin of 20.00%. The business had revenue of $136.61 million during the quarter, compared to analyst estimates of $137.00 million. On average, equities research analysts forecast that South State Corporation will post $4.75 earnings per share for the current fiscal year.

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

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