Fenimore Asset Management Inc. raised its holdings in South State Corp (NASDAQ:SSB) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 897,525 shares of the bank’s stock after buying an additional 4,557 shares during the period. South State accounts for about 2.2% of Fenimore Asset Management Inc.’s portfolio, making the stock its 17th largest holding. Fenimore Asset Management Inc. owned about 2.54% of South State worth $66,121,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of South State in the fourth quarter valued at approximately $214,000. Advisor Group Inc. increased its holdings in shares of South State by 329.9% in the fourth quarter. Advisor Group Inc. now owns 2,592 shares of the bank’s stock valued at $156,000 after purchasing an additional 1,989 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of South State by 20.2% in the fourth quarter. Great West Life Assurance Co. Can now owns 4,887 shares of the bank’s stock valued at $282,000 after purchasing an additional 821 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of South State by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,575,107 shares of the bank’s stock valued at $94,428,000 after purchasing an additional 103,151 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in shares of South State in the fourth quarter valued at approximately $1,274,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.
SSB has been the subject of a number of research reports. ValuEngine raised shares of South State from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. SunTrust Banks raised their price target on shares of South State to $85.00 and gave the company an “in-line” rating in a report on Wednesday, May 1st. BidaskClub raised shares of South State from a “hold” rating to a “buy” rating in a report on Saturday, July 27th. Zacks Investment Research lowered shares of South State from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Finally, Stephens reaffirmed a “sell” rating and set a $63.00 target price on shares of South State in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $75.67.
SSB opened at $72.80 on Friday. The company has a fifty day moving average price of $75.55 and a two-hundred day moving average price of $71.77. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.98 and a current ratio of 0.99. South State Corp has a 52 week low of $56.55 and a 52 week high of $85.50. The firm has a market capitalization of $2.59 billion, a PE ratio of 13.24 and a beta of 1.32.
South State (NASDAQ:SSB) last announced its quarterly earnings results on Monday, July 29th. The bank reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.08. The company had revenue of $164.80 million for the quarter, compared to analysts’ expectations of $159.75 million. South State had a net margin of 25.33% and a return on equity of 8.11%. During the same period last year, the firm posted $1.43 earnings per share. Equities analysts forecast that South State Corp will post 5.44 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 9th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.36%. This is a boost from South State’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, August 8th. South State’s dividend payout ratio (DPR) is currently 31.27%.
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 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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