Fenimore Asset Management Inc. Boosts Stake in South State Corp (SSB)

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Fenimore Asset Management Inc. lifted its stake in shares of South State Corp (NASDAQ:SSB) by 42.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 876,688 shares of the bank’s stock after buying an additional 259,232 shares during the period. South State makes up approximately 2.1% of Fenimore Asset Management Inc.’s investment portfolio, making the stock its 18th biggest holding. Fenimore Asset Management Inc. owned 2.40% of South State worth $52,557,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Sei Investments Co. boosted its position in shares of South State by 46.6% during the 2nd quarter. Sei Investments Co. now owns 3,783 shares of the bank’s stock valued at $327,000 after purchasing an additional 1,202 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of South State by 11.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 199,305 shares of the bank’s stock valued at $17,191,000 after purchasing an additional 20,332 shares in the last quarter. BlackRock Inc. boosted its position in shares of South State by 6.4% during the 2nd quarter. BlackRock Inc. now owns 2,782,451 shares of the bank’s stock valued at $239,986,000 after purchasing an additional 168,046 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of South State during the 2nd quarter valued at about $579,000. Finally, MetLife Investment Advisors LLC boosted its position in shares of South State by 6.9% during the 2nd quarter. MetLife Investment Advisors LLC now owns 16,714 shares of the bank’s stock valued at $1,442,000 after purchasing an additional 1,080 shares in the last quarter. Institutional investors and hedge funds own 75.93% of the company’s stock.

Shares of SSB stock traded up $0.09 during trading hours on Friday, reaching $62.03. The company had a trading volume of 96,388 shares, compared to its average volume of 208,485. South State Corp has a 12 month low of $56.55 and a 12 month high of $93.25. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.26 billion, a PE ratio of 12.79 and a beta of 1.18.

South State (NASDAQ:SSB) last posted its earnings results on Monday, October 22nd. The bank reported $1.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.44 by ($0.11). South State had a net margin of 19.08% and a return on equity of 8.32%. The company had revenue of $160.32 million during the quarter, compared to the consensus estimate of $167.07 million. During the same quarter in the prior year, the business earned $1.22 EPS. On average, equities research analysts anticipate that South State Corp will post 5.48 earnings per share for the current fiscal year.

SSB has been the topic of several research analyst reports. SunTrust Banks cut their target price on South State to $79.00 and set a “buy” rating on the stock in a research report on Friday, October 26th. Brean Capital reiterated a “hold” rating on shares of South State in a report on Monday, October 29th. Zacks Investment Research upgraded South State from a “sell” rating to a “hold” rating in a report on Friday, September 28th. Stephens reiterated a “hold” rating and issued a $95.00 price target on shares of South State in a report on Tuesday, October 23rd. Finally, BidaskClub lowered South State from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $80.80.

In related news, insider Joe E. Burns sold 4,261 shares of the stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $69.24, for a total transaction of $295,031.64. Following the completion of the sale, the insider now directly owns 37,590 shares of the company’s stock, valued at $2,602,731.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert H. Demere, Jr. purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The shares were acquired at an average cost of $63.12 per share, with a total value of $126,240.00. Following the completion of the transaction, the director now directly owns 44,360 shares of the company’s stock, valued at approximately $2,800,003.20. The disclosure for this purchase can be found here. Insiders bought 4,000 shares of company stock worth $248,690 in the last 90 days. Corporate insiders own 1.96% of the company’s stock.

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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, 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, ATM processing, and wealth management and trust services.

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

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