Comerica Bank Invests $4.88 Million in South State Co. (SSB) Stock
Comerica Bank acquired a new stake in South State Co. (NASDAQ:SSB) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 54,829 shares of the bank’s stock, valued at approximately $4,877,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. boosted its stake in shares of South State by 42.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,697 shares of the bank’s stock worth $1,003,000 after purchasing an additional 3,494 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of South State by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,227,745 shares of the bank’s stock worth $190,918,000 after purchasing an additional 38,733 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of South State by 164.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 57,466 shares of the bank’s stock worth $4,925,000 after purchasing an additional 35,752 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of South State by 12.0% during the 2nd quarter. Voya Investment Management LLC now owns 12,810 shares of the bank’s stock worth $1,098,000 after purchasing an additional 1,372 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of South State by 3.9% during the 2nd quarter. Royal Bank of Canada now owns 3,945 shares of the bank’s stock worth $337,000 after purchasing an additional 147 shares during the last quarter. 56.83% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Robert R. Hill, Jr. sold 8,878 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $89.12, for a total transaction of $791,207.36. Following the transaction, the chief executive officer now directly owns 110,441 shares in the company, valued at approximately $9,842,501.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Keith S. Rainwater sold 315 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $91.00, for a total transaction of $28,665.00. Following the transaction, the insider now owns 5,013 shares in the company, valued at $456,183. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,213 shares of company stock worth $3,945,299. Insiders own 2.78% of the company’s stock.
South State (NASDAQ:SSB) last announced its quarterly earnings data on Tuesday, January 23rd. The bank reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.11. The business had revenue of $151.37 million for the quarter, compared to analyst estimates of $147.91 million. South State had a net margin of 15.22% and a return on equity of 9.04%. The company’s revenue was up 33.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 EPS. research analysts anticipate that South State Co. will post 5.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Friday, February 9th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, February 8th. This represents a $1.32 annualized dividend and a dividend yield of 1.52%. South State’s payout ratio is currently 27.22%.
Several equities research analysts have issued reports on the stock. Brean Capital reaffirmed a “hold” rating on shares of South State in a research note on Tuesday, January 23rd. BidaskClub raised shares of South State from a “strong sell” rating to a “sell” rating in a research note on Monday, February 5th. SunTrust Banks reaffirmed a “buy” rating and set a $108.00 price target on shares of South State in a research note on Wednesday, January 24th. Finally, Zacks Investment Research raised shares of South State from a “hold” rating to a “strong-buy” rating and set a $102.00 price target on the stock in a research note on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $98.75.
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South State 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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