6,402 Shares in SouthState Co. $SSB Bought by United Services Automobile Association

Key Points

• United Services Automobile Association purchased 6,402 shares of SouthState Co. valued at approximately $590,000 in the first quarter.
• SouthState recently declared a quarterly dividend of $0.60 per share, up from the previous $0.54, leading to an annualized dividend of $2.40 and a yield of 2.4%.
• Analysts have a consensus target price of $115.27 for SouthState, with ratings skewed toward "buy," indicating a positive outlook for the company's stock.

United Services Automobile Association acquired a new stake in SouthState Co. (NASDAQ:SSB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,402 shares of the bank's stock, valued at approximately $590,000.

Several other institutional investors have also modified their holdings of the stock. IFP Advisors Inc lifted its stake in shares of SouthState by 14.2% in the 1st quarter. IFP Advisors Inc now owns 943 shares of the bank's stock valued at $87,000 after purchasing an additional 117 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of SouthState by 5.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank's stock valued at $220,000 after purchasing an additional 118 shares during the last quarter. Baird Financial Group Inc. lifted its stake in shares of SouthState by 6.4% in the 4th quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank's stock valued at $253,000 after purchasing an additional 153 shares during the last quarter. FourThought Financial Partners LLC lifted its stake in shares of SouthState by 5.7% in the 1st quarter. FourThought Financial Partners LLC now owns 3,070 shares of the bank's stock valued at $285,000 after purchasing an additional 166 shares during the last quarter. Finally, Liberty One Investment Management LLC lifted its stake in shares of SouthState by 2.3% in the 1st quarter. Liberty One Investment Management LLC now owns 8,222 shares of the bank's stock valued at $763,000 after purchasing an additional 186 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 5,000 shares of SouthState stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the transaction, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director G Stacy Smith purchased 2,500 shares of the business's stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the acquisition, the director directly owned 39,546 shares in the company, valued at approximately $3,650,095.80. This trade represents a 6.75% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 8,338 shares of company stock worth $786,321. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SSB shares. Citigroup reaffirmed a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a research note on Monday, July 28th. Hovde Group raised their price objective on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. DA Davidson raised their price target on SouthState from $115.00 to $117.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Barclays raised their price target on SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, Jefferies Financial Group started coverage on SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $115.27.

SouthState Stock Down 0.9%

NASDAQ:SSB traded down $0.89 during mid-day trading on Friday, reaching $101.31. The company's stock had a trading volume of 569,164 shares, compared to its average volume of 912,286. SouthState Co. has a 1 year low of $77.74 and a 1 year high of $114.26. The stock has a fifty day moving average of $97.81 and a 200-day moving average of $92.44. The firm has a market capitalization of $10.25 billion, a PE ratio of 14.56 and a beta of 0.74. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.98 by $0.32. SouthState had a net margin of 22.38% and a return on equity of 9.62%. The company had revenue of $840.50 million during the quarter, compared to analyst estimates of $645.12 million. During the same period in the prior year, the firm earned $1.74 earnings per share. Equities research analysts forecast that SouthState Co. will post 8.12 earnings per share for the current year.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a $0.60 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from SouthState's previous quarterly dividend of $0.54. SouthState's dividend payout ratio (DPR) is 35.77%.

SouthState Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.