First Trust Advisors LP cut its holdings in South State Corporation (NASDAQ:SSB) by 22.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,953 shares of the bank’s stock after selling 20,620 shares during the period. First Trust Advisors LP owned about 0.24% of South State Corporation worth $6,299,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC grew its holdings in shares of South State Corporation by 1.2% in the second quarter. Lord Abbett & CO. LLC now owns 390,291 shares of the bank’s stock valued at $33,448,000 after acquiring an additional 4,585 shares in the last quarter. Wasatch Advisors Inc. grew its holdings in shares of South State Corporation by 46.6% in the second quarter. Wasatch Advisors Inc. now owns 521,307 shares of the bank’s stock valued at $44,676,000 after acquiring an additional 165,801 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in shares of South State Corporation by 37.8% in the second quarter. Westwood Holdings Group Inc. now owns 505,381 shares of the bank’s stock valued at $43,269,000 after acquiring an additional 138,626 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of South State Corporation by 15.2% in the second quarter. Ameritas Investment Partners Inc. now owns 2,537 shares of the bank’s stock valued at $217,000 after acquiring an additional 335 shares in the last quarter. Finally, Roberts Glore & Co. Inc. IL grew its holdings in shares of South State Corporation by 6.6% in the second quarter. Roberts Glore & Co. Inc. IL now owns 2,440 shares of the bank’s stock valued at $209,000 after acquiring an additional 150 shares in the last quarter. 67.38% of the stock is owned by institutional investors.

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South State Corporation (NASDAQ:SSB) opened at $88.50 on Wednesday. South State Corporation has a twelve month low of $78.60 and a twelve month high of $93.85. The firm has a market capitalization of $2,576.43, a price-to-earnings ratio of 18.71, a price-to-earnings-growth ratio of 2.32 and a beta of 1.09. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.05.

South State Corporation (NASDAQ:SSB) last announced its quarterly earnings data on Tuesday, October 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. South State Corporation had a return on equity of 8.85% and a net margin of 20.48%. The business had revenue of $136.36 million during the quarter, compared to analyst estimates of $139.85 million. During the same period in the prior year, the company earned $1.18 earnings per share. South State Corporation’s revenue was up 17.0% compared to the same quarter last year. equities research analysts predict that South State Corporation will post 4.74 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 10th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, November 9th. This represents a $1.32 annualized dividend and a dividend yield of 1.49%. South State Corporation’s dividend payout ratio is currently 33.85%.

Several equities analysts have weighed in on the company. BidaskClub raised South State Corporation from a “sell” rating to a “hold” rating in a report on Wednesday. Brean Capital reissued a “hold” rating on shares of South State Corporation in a report on Monday, October 30th. Zacks Investment Research lowered South State Corporation from a “hold” rating to a “sell” rating in a report on Friday, October 27th. SunTrust Banks, Inc. increased their price objective on South State Corporation from $98.00 to $102.00 and gave the company a “buy” rating in a report on Thursday, October 26th. Finally, Piper Jaffray Companies reissued a “neutral” rating and set a $90.00 price objective on shares of South State Corporation in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $95.67.

In other South State Corporation news, CFO John C. Pollok sold 8,283 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $90.56, for a total transaction of $750,108.48. Following the sale, the chief financial officer now owns 83,714 shares in the company, valued at $7,581,139.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joe E. Burns sold 6,548 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $92.39, for a total value of $604,969.72. Following the sale, the insider now owns 37,595 shares in the company, valued at approximately $3,473,402.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,188 shares of company stock worth $4,756,891. Company 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.

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

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