Hunter Perkins Capital Management LLC raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 10.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,367 shares of the bank's stock after purchasing an additional 3,407 shares during the period. Hunter Perkins Capital Management LLC's holdings in SouthState were worth $3,255,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of SSB. Vanguard Group Inc. increased its holdings in SouthState by 31.2% in the first quarter. Vanguard Group Inc. now owns 11,079,578 shares of the bank's stock valued at $1,028,406,000 after buying an additional 2,637,786 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of SouthState by 34.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the bank's stock worth $422,915,000 after acquiring an additional 1,164,348 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of SouthState by 0.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the bank's stock worth $322,949,000 after acquiring an additional 11,728 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of SouthState by 14.4% in the 1st quarter. American Century Companies Inc. now owns 1,769,537 shares of the bank's stock valued at $164,249,000 after acquiring an additional 222,818 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of SouthState by 38.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the bank's stock worth $133,407,000 after acquiring an additional 397,371 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.
SouthState Trading Up 1.4%
Shares of SSB stock opened at $99.37 on Monday. The company has a market capitalization of $10.06 billion, a P/E ratio of 14.28 and a beta of 0.68. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The business's 50 day moving average is $98.71 and its two-hundred day moving average is $93.06. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.26.
SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly earnings results 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. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The firm had revenue of $840.50 million during the quarter, compared to the consensus estimate of $645.12 million. During the same period last year, the company earned $1.74 earnings per share. Equities analysts forecast that SouthState Co. will post 8.12 EPS for the current year.
SouthState Increases Dividend
The company also recently announced 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 of this dividend was Friday, August 8th. This is a positive change from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState's payout ratio is presently 35.77%.
Insider Transactions at SouthState
In other SouthState news, Director Janet P. Froetscher acquired 3,338 shares of the stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $97.31 per share, with a total value of $324,820.78. Following the acquisition, the director owned 8,294 shares of the company's stock, valued at $807,089.14. This trade represents a 67.35% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 5,000 shares of the business's stock in a transaction that occurred 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 owned 31,785 shares in the company, valued at $3,165,786. The trade was a 13.59% decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 8,338 shares of company stock worth $786,321 over the last ninety days. 1.70% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on SSB shares. Barclays boosted their target price on SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. DA Davidson boosted their price objective on shares of SouthState from $115.00 to $117.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. National Bankshares set a $127.00 target price on shares of SouthState in a research report on Wednesday, September 24th. Citigroup reiterated a "buy" rating and set a $117.00 price target (up from $113.00) on shares of SouthState in a research note on Monday, July 28th. Finally, Hovde Group upped their price objective on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $117.08.
Get Our Latest Research Report on SSB
SouthState Profile
(
Free Report)
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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