Eaton Vance Management Makes New $45.75 Million Investment in South State Co. (NASDAQ:SSB)


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Eaton Vance Management purchased a new position in shares of South State Co. (NASDAQ:SSB) during the 4th quarter, HoldingsChannel reports. The firm purchased 632,763 shares of the bank’s stock, valued at approximately $45,749,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SSB. Thrivent Financial for Lutherans increased its holdings in shares of South State by 46.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 6,357 shares of the bank’s stock valued at $306,000 after acquiring an additional 2,015 shares during the last quarter. Guggenheim Capital LLC increased its holdings in shares of South State by 69.7% in the 3rd quarter. Guggenheim Capital LLC now owns 20,771 shares of the bank’s stock valued at $1,000,000 after acquiring an additional 8,532 shares during the last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of South State by 4.4% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 87,161 shares of the bank’s stock valued at $4,197,000 after acquiring an additional 3,653 shares during the last quarter. Truist Financial Corp increased its holdings in shares of South State by 0.7% in the 3rd quarter. Truist Financial Corp now owns 103,133 shares of the bank’s stock valued at $4,966,000 after acquiring an additional 670 shares during the last quarter. Finally, First City Capital Management Inc. increased its holdings in shares of South State by 81.6% in the 3rd quarter. First City Capital Management Inc. now owns 9,862 shares of the bank’s stock valued at $520,000 after acquiring an additional 4,431 shares during the last quarter. Institutional investors own 76.01% of the company’s stock.

In other news, EVP John C. Pollok sold 12,387 shares of the firm’s stock in a transaction that occurred on Friday, March 12th. The stock was sold at an average price of $91.76, for a total value of $1,136,631.12. Also, EVP John C. Pollok sold 5,120 shares of the firm’s stock in a transaction that occurred on Friday, February 19th. The shares were sold at an average price of $80.30, for a total value of $411,136.00. Following the completion of the sale, the executive vice president now directly owns 72,218 shares of the company’s stock, valued at $5,799,105.40. The disclosure for this sale can be found here. Insiders have sold a total of 52,102 shares of company stock valued at $4,531,377 over the last ninety days. 1.43% of the stock is owned by insiders.

A number of research analysts have recently commented on SSB shares. Truist increased their price objective on South State from $85.00 to $97.00 in a report on Monday, March 8th. Zacks Investment Research cut South State from a “buy” rating to a “hold” rating in a research report on Tuesday, January 5th. Finally, Raymond James cut South State from an “outperform” rating to a “market perform” rating in a research report on Friday, January 29th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $74.60.

South State stock opened at $77.82 on Thursday. South State Co. has a twelve month low of $40.42 and a twelve month high of $93.26. The stock has a 50 day moving average of $82.89 and a two-hundred day moving average of $71.65. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 50.53 and a beta of 1.08.

South State (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, January 27th. The bank reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.04). South State had a return on equity of 6.67% and a net margin of 8.18%. The company had revenue of $363.42 million for the quarter, compared to analyst estimates of $166.30 million. During the same period in the previous year, the business posted $1.48 earnings per share. Equities analysts predict that South State Co. will post 4.73 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 19th. Shareholders of record on Friday, February 12th were given a dividend of $0.47 per share. The ex-dividend date was Thursday, February 11th. This represents a $1.88 dividend on an annualized basis and a yield of 2.42%. South State’s payout ratio is 33.39%.

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, and trust and wealth management services. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, checking accounts, money market accounts, certificates of deposit, and other time deposits.

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

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