BNP Paribas Arbitrage SA Acquires 2,877 Shares of South State Corporation (SSB)

BNP Paribas Arbitrage SA lifted its holdings in shares of South State Corporation (NASDAQ:SSB) by 435.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,538 shares of the bank’s stock after buying an additional 2,877 shares during the period. BNP Paribas Arbitrage SA’s holdings in South State Corporation were worth $303,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC lifted its stake in South State Corporation by 1.3% in the 2nd quarter. SG Americas Securities LLC now owns 1,570 shares of the bank’s stock valued at $135,000 after purchasing an additional 20 shares during the last quarter. Bank of Montreal Can lifted its stake in South State Corporation by 2.2% in the 2nd quarter. Bank of Montreal Can now owns 1,550 shares of the bank’s stock valued at $133,000 after purchasing an additional 34 shares during the last quarter. 1st Global Advisors Inc. lifted its stake in South State Corporation by 1.5% in the 1st quarter. 1st Global Advisors Inc. now owns 2,746 shares of the bank’s stock valued at $245,000 after purchasing an additional 40 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management lifted its stake in South State Corporation by 1.5% in the 2nd quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,300 shares of the bank’s stock valued at $369,000 after purchasing an additional 65 shares during the last quarter. Finally, Carroll Financial Associates Inc. lifted its stake in South State Corporation by 2.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 3,438 shares of the bank’s stock valued at $294,000 after purchasing an additional 83 shares during the last quarter. Institutional investors own 66.71% of the company’s stock.

In other South State Corporation news, CEO Robert R. Hill, Jr. sold 2,831 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $82.10, for a total value of $232,425.10. Following the transaction, the chief executive officer now directly owns 140,215 shares in the company, valued at $11,511,651.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Joe E. Burns sold 500 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $83.39, for a total transaction of $41,695.00. Following the completion of the transaction, the insider now owns 39,947 shares in the company, valued at $3,331,180.33. The disclosure for this sale can be found here. Insiders sold a total of 3,581 shares of company stock valued at $294,408 over the last ninety days. 2.78% of the stock is currently owned by insiders.

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SSB has been the subject of several recent analyst reports. BidaskClub upgraded shares of South State Corporation from a “sell” rating to a “hold” rating in a research note on Friday, September 15th. Zacks Investment Research upgraded shares of South State Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, September 2nd. Brean Capital reiterated a “hold” rating on shares of South State Corporation in a research note on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods upgraded shares of South State Corporation from a “market perform” rating to an “outperform” rating and set a $95.00 target price for the company in a research note on Tuesday, July 25th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. South State Corporation currently has an average rating of “Hold” and a consensus price target of $96.50.

Shares of South State Corporation (SSB) opened at 82.95 on Wednesday. The company has a 50-day moving average of $82.07 and a 200 day moving average of $85.37. South State Corporation has a 52 week low of $70.75 and a 52 week high of $93.40. The firm has a market capitalization of $2.41 billion, a P/E ratio of 21.67 and a beta of 1.08.

South State Corporation (NASDAQ:SSB) last issued its quarterly earnings data on Friday, July 21st. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.18. South State Corporation had a net margin of 20.00% and a return on equity of 9.15%. The business had revenue of $136.61 million during the quarter, compared to the consensus estimate of $137.00 million. Equities research analysts anticipate that South State Corporation will post $4.75 earnings per share for the current year.

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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