Salzhauer Michael Maintains Position in South State Corporation (NASDAQ:SSB)

Salzhauer Michael held its position in South State Corporation (NASDAQ:SSB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,607 shares of the bank’s stock at the end of the second quarter. South State Corporation comprises approximately 1.3% of Salzhauer Michael’s holdings, making the stock its 19th largest position. Salzhauer Michael owned about 0.12% of South State Corporation worth $2,880,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio boosted its stake in 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 buying an additional 700 shares during the period. Bank of Montreal Can boosted its stake in 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 buying an additional 34 shares during the period. Advisory Services Network LLC acquired a new stake in South State Corporation during the first quarter valued at about $165,000. Ameritas Investment Partners Inc. acquired a new stake in South State Corporation during the first quarter valued at about $197,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in South State Corporation during the first quarter valued at about $206,000. 63.05% of the stock is owned by institutional investors.

Shares of South State Corporation (SSB) traded down 1.76% on Friday, reaching $81.10. The company had a trading volume of 185,033 shares. The company has a 50 day moving average price of $84.45 and a 200 day moving average price of $86.81. The stock has a market capitalization of $2.36 billion, a PE ratio of 21.19 and a beta of 1.09. South State Corporation has a 52-week low of $69.40 and a 52-week high of $93.40.

South State Corporation (NASDAQ:SSB) last posted its quarterly earnings results on Friday, July 21st. The bank reported $1.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.18. The business had revenue of $136.61 million for the quarter, compared to the consensus estimate of $137 million. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. On average, equities research analysts anticipate that South State Corporation will post $4.75 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Friday, August 11th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date is Wednesday, August 9th. South State Corporation’s dividend payout ratio (DPR) is 34.11%.

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Several equities research analysts have recently issued reports on SSB shares. Zacks Investment Research upgraded South State Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, April 26th. Brean Capital restated a “hold” rating on shares of South State Corporation in a report on Wednesday, August 2nd. BidaskClub upgraded South State Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Stephens restated a “hold” rating on shares of South State Corporation in a report on Friday, May 12th. Finally, Keefe, Bruyette & Woods upgraded South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 price objective on the stock in a report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $96.50.

In other news, insider Keith S. Rainwater sold 300 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $86.10, for a total transaction of $25,830.00. Following the sale, the insider now directly owns 5,328 shares of the company’s stock, valued at $458,740.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert R. Horger sold 1,788 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $85.20, for a total transaction of $152,337.60. Following the sale, the director now directly owns 96,336 shares in the company, valued at $8,207,827.20. The disclosure for this sale can be found here. Insiders have sold 9,765 shares of company stock valued at $832,259 over the last 90 days. Corporate insiders own 2.78% 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.

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

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