SouthState Co. $SSB Position Increased by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. increased its stake in SouthState Co. by 26.0%, now owning a total of 155,700 shares valued at $14.45 million after acquiring an additional 32,088 shares.
• SouthState Co. has shown strong financial performance, with a recent earnings report revealing $2.30 earnings per share that exceeded expectations, alongside a forecasted 8.12 EPS for the current fiscal year.
• The company has raised its quarterly dividend from $0.54 to $0.60 per share, reflecting a positive change with an annualized yield of 2.4%.

Corebridge Financial Inc. raised its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 26.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 155,700 shares of the bank's stock after purchasing an additional 32,088 shares during the period. Corebridge Financial Inc. owned about 0.15% of SouthState worth $14,452,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in SouthState by 31.2% during the first quarter. Vanguard Group Inc. now owns 11,079,578 shares of the bank's stock valued at $1,028,406,000 after purchasing an additional 2,637,786 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in SouthState by 34.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the bank's stock valued at $422,915,000 after purchasing an additional 1,164,348 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in SouthState by 0.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the bank's stock valued at $322,949,000 after purchasing an additional 11,728 shares during the last quarter. American Century Companies Inc. increased its stake in SouthState by 14.4% during the first quarter. American Century Companies Inc. now owns 1,769,537 shares of the bank's stock valued at $164,249,000 after purchasing an additional 222,818 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in SouthState by 38.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the bank's stock valued at $133,407,000 after purchasing an additional 397,371 shares during the last quarter. Institutional investors own 89.76% of the company's stock.

Insider Buying and Selling

In related news, Director Janet P. Froetscher acquired 3,338 shares of SouthState stock in a transaction that occurred on Wednesday, July 30th. The stock was acquired at an average price of $97.31 per share, with a total value of $324,820.78. Following the completion of the acquisition, the director directly owned 8,294 shares of the company's stock, valued at $807,089.14. This trade represents a 67.35% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 5,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the sale, the insider directly owned 31,785 shares of the company's stock, valued at $3,165,786. The trade was a 13.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased 8,338 shares of company stock valued at $786,321 over the last 90 days. 1.70% of the stock is currently owned by company insiders.

SouthState Price Performance

SSB stock traded down $0.08 during trading on Thursday, hitting $101.68. The company had a trading volume of 907,825 shares, compared to its average volume of 921,272. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of 14.61 and a beta of 0.79. The business has a 50 day moving average of $95.64 and a 200 day moving average of $92.44. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

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

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState's dividend payout ratio is currently 35.77%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. DA Davidson boosted their target price on shares of SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Jefferies Financial Group started coverage on shares of SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price for the company. Barclays boosted their price target on shares of SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Citigroup reissued a "buy" rating and set a $117.00 price target (up previously from $113.00) on shares of SouthState in a report on Monday, July 28th. Finally, Hovde Group boosted their price target on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $115.27.

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.