Vanguard Group Inc. boosted its stake in shares of South State Corp (NASDAQ:SSB) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,214,729 shares of the bank’s stock after purchasing an additional 47,669 shares during the period. Vanguard Group Inc. owned approximately 8.80% of South State worth $263,609,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in SSB. First National Bank of Omaha purchased a new stake in South State during the 3rd quarter worth approximately $240,000. Glenmede Trust Co. NA lifted its stake in South State by 59.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 3,508 shares of the bank’s stock valued at $287,000 after acquiring an additional 1,313 shares during the period. Sei Investments Co. lifted its stake in South State by 46.6% during the 2nd quarter. Sei Investments Co. now owns 3,783 shares of the bank’s stock valued at $327,000 after acquiring an additional 1,202 shares during the period. Gamco Investors INC. ET AL lifted its stake in South State by 75.0% during the 3rd quarter. Gamco Investors INC. ET AL now owns 7,000 shares of the bank’s stock valued at $574,000 after acquiring an additional 3,000 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in South State during the 2nd quarter valued at approximately $579,000. 75.93% of the stock is currently owned by institutional investors.

In other news, insider Joe E. Burns sold 4,261 shares of the company’s stock in a transaction on Tuesday, November 20th. The shares were sold at an average price of $69.24, for a total transaction of $295,031.64. Following the completion of the sale, the insider now owns 37,590 shares of the company’s stock, valued at $2,602,731.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Demere, Jr. bought 1,000 shares of the company’s stock in a transaction dated Thursday, December 20th. The shares were acquired at an average cost of $58.64 per share, with a total value of $58,640.00. Following the acquisition, the director now directly owns 45,360 shares of the company’s stock, valued at $2,659,910.40. The disclosure for this purchase can be found here. In the last three months, insiders purchased 4,000 shares of company stock valued at $248,690. 1.96% of the stock is owned by insiders.

Several brokerages have commented on SSB. BidaskClub upgraded shares of South State from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 22nd. ValuEngine upgraded shares of South State from a “strong sell” rating to a “sell” rating in a research note on Wednesday, November 21st. Zacks Investment Research upgraded shares of South State from a “sell” rating to a “hold” rating in a research note on Friday, September 28th. Stephens reiterated a “sell” rating and issued a $57.00 target price on shares of South State in a research note on Friday, December 14th. Finally, SunTrust Banks decreased their target price on shares of South State to $79.00 and set a “buy” rating for the company in a research note on Friday, October 26th. Four analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. South State currently has a consensus rating of “Hold” and an average target price of $80.80.

Shares of NASDAQ SSB opened at $64.37 on Wednesday. The firm has a market capitalization of $2.32 billion, a P/E ratio of 11.64 and a beta of 1.18. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.05. South State Corp has a one year low of $56.55 and a one year high of $93.25.

South State (NASDAQ:SSB) last issued its quarterly earnings results on Monday, October 22nd. The bank reported $1.33 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.11). The company had revenue of $160.32 million during the quarter, compared to analysts’ expectations of $167.07 million. South State had a return on equity of 8.32% and a net margin of 19.08%. During the same period in the previous year, the firm posted $1.22 EPS. Equities research analysts expect that South State Corp will post 5.48 earnings per share for the current year.

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South State Company 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, 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.

Further Reading: What is intrinsic value?

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

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