Charles Schwab Investment Management Inc. Has $133.41 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Charles Schwab Investment Management Inc. grew its position in SouthState Co. (NASDAQ:SSB - Free Report) by 38.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,437,262 shares of the bank's stock after buying an additional 397,371 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.42% of SouthState worth $133,407,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Aquatic Capital Management LLC acquired a new position in shares of SouthState in the 4th quarter valued at $45,000. Versant Capital Management Inc lifted its position in SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after acquiring an additional 485 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after acquiring an additional 378 shares in the last quarter. Collier Financial bought a new stake in SouthState in the 1st quarter valued at $69,000. Finally, Bayforest Capital Ltd lifted its position in SouthState by 253.3% in the 1st quarter. Bayforest Capital Ltd now owns 756 shares of the bank's stock valued at $70,000 after acquiring an additional 542 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Insider Transactions at SouthState

In other news, Director Janet P. Froetscher bought 3,338 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $97.31 per share, with a total value of $324,820.78. Following the acquisition, the director owned 8,294 shares in the company, valued at $807,089.14. This trade represents a 67.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Stacy Smith purchased 2,500 shares of the firm's stock in a transaction that occurred on 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 purchase, the director owned 39,546 shares in the company, valued at $3,650,095.80. The trade was a 6.75% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 8,338 shares of company stock worth $786,321. 1.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SSB. Hovde Group boosted their price objective on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods cut their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Citigroup reaffirmed a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. Barclays boosted their price objective on shares of SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, Stephens reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, SouthState presently has an average rating of "Buy" and a consensus target price of $115.27.

SouthState Stock Up 0.6%

Shares of SSB stock opened at $92.29 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The firm's 50-day moving average is $92.83 and its 200-day moving average is $93.05. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 13.26 and a beta of 0.79. SouthState Co. has a 52-week low of $77.74 and a 52-week high of $114.26.

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

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 8th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, August 8th. This is a positive change from SouthState's previous quarterly dividend of $0.54. SouthState's payout ratio is currently 35.77%.

About SouthState

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.

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