Westwood Holdings Group Inc. Purchases 91,488 Shares of South State Corp (NASDAQ:SSB)
Westwood Holdings Group Inc. boosted its position in South State Corp (NASDAQ:SSB) by 23.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 489,418 shares of the bank’s stock after buying an additional 91,488 shares during the period. Westwood Holdings Group Inc.’s holdings in South State were worth $33,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank acquired a new position in South State in the 4th quarter worth about $26,000. FTB Advisors Inc. bought a new position in shares of South State in the fourth quarter valued at approximately $31,000. Bremer Trust National Association bought a new position in shares of South State in the fourth quarter valued at approximately $32,000. Bremer Bank National Association bought a new position in shares of South State in the first quarter valued at approximately $40,000. Finally, Synovus Financial Corp lifted its holdings in shares of South State by 80.7% in the first quarter. Synovus Financial Corp now owns 1,245 shares of the bank’s stock valued at $85,000 after purchasing an additional 556 shares in the last quarter. Hedge funds and other institutional investors own 79.22% of the company’s stock.
Shares of SSB traded up $0.35 on Wednesday, reaching $70.34. 3,612 shares of the company’s stock traded hands, compared to its average volume of 167,010. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 12.76 and a beta of 1.29. South State Corp has a 52-week low of $56.55 and a 52-week high of $91.25.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 10th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.27%. This is an increase from South State’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, May 9th. South State’s dividend payout ratio (DPR) is presently 29.09%.
In other South State news, Director James C. Cherry sold 1,785 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $75.96, for a total value of $135,588.60. Following the completion of the sale, the director now directly owns 7,000 shares of the company’s stock, valued at $531,720. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert H. Demere, Jr. bought 3,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was purchased at an average cost of $68.40 per share, with a total value of $205,200.00. Following the completion of the transaction, the director now directly owns 49,081 shares of the company’s stock, valued at $3,357,140.40. The disclosure for this purchase can be found here. Company insiders own 2.05% of the company’s stock.
A number of research analysts have recently weighed in on SSB shares. BidaskClub upgraded South State from a “strong sell” rating to a “sell” rating in a report on Wednesday, February 20th. TheStreet upgraded South State from a “c+” rating to a “b-” rating in a report on Tuesday, March 19th. Zacks Investment Research upgraded South State from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a report on Wednesday, April 3rd. Finally, SunTrust Banks raised their target price on South State to $85.00 and gave the company an “in-line” rating in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $78.40.
South State Company Profile
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 services, 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, and ATM processing services.
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