Invesco Ltd. Lowers Position in SouthState Co. $SSB

Key Points

• Invesco Ltd. reduced its holdings in SouthState Co. (NASDAQ:SSB) by 4.6% in the first quarter, now owning 614,751 shares worth approximately $57 million.
• SouthState Co. announced a quarterly dividend increase from $0.54 to $0.60, representing an annualized payout of $2.40 and a dividend yield of 2.5%.
• Several analysts have given SouthState a strong optimistic outlook, with target prices ranging from $110 to $120 and a consensus rating of "Buy."

Invesco Ltd. reduced its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 614,751 shares of the bank's stock after selling 29,425 shares during the period. Invesco Ltd. owned approximately 0.61% of SouthState worth $57,061,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Angel Oak Capital Advisors LLC purchased a new stake in SouthState in the first quarter valued at $483,000. Citigroup Inc. raised its position in shares of SouthState by 9.1% during the 1st quarter. Citigroup Inc. now owns 245,603 shares of the bank's stock worth $22,797,000 after purchasing an additional 20,450 shares during the last quarter. Swiss National Bank raised its position in shares of SouthState by 30.7% during the 1st quarter. Swiss National Bank now owns 195,930 shares of the bank's stock worth $18,186,000 after purchasing an additional 45,993 shares during the last quarter. Deutsche Bank AG raised its position in shares of SouthState by 53.6% during the 1st quarter. Deutsche Bank AG now owns 129,255 shares of the bank's stock worth $11,997,000 after purchasing an additional 45,122 shares during the last quarter. Finally, Chicago Partners Investment Group LLC grew its stake in SouthState by 7.9% during the 1st quarter. Chicago Partners Investment Group LLC now owns 2,885 shares of the bank's stock valued at $252,000 after acquiring an additional 211 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. DA Davidson upped their price objective 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. Stephens reaffirmed an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Barclays upped their price objective on shares of SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Truist Financial started coverage on shares of SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target for the company. Finally, Jefferies Financial Group started coverage on shares of SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target for the company. Two research 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $115.27.

SouthState Stock Up 0.0%

Shares of NASDAQ:SSB traded up $0.0220 on Thursday, hitting $96.6220. 186,818 shares of the company's stock were exchanged, compared to its average volume of 926,550. The firm's 50-day moving average is $93.96 and its 200 day moving average is $92.67. The company has a market capitalization of $9.78 billion, a PE ratio of 13.89 and a beta of 0.79. SouthState Co. has a 1-year low of $77.74 and a 1-year high of $114.26. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) 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 business had revenue of $840.50 million during the quarter, compared to analysts' expectations of $645.12 million. During the same period in the prior year, the firm posted $1.74 EPS. Sell-side analysts predict that SouthState Co. will post 8.12 EPS for the current year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were paid a $0.60 dividend. This is a boost from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 8th. SouthState's dividend payout ratio (DPR) is presently 35.77%.

Insiders Place Their Bets

In other SouthState news, Director G Stacy Smith acquired 2,500 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the purchase, the director owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Janet P. Froetscher acquired 3,338 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was acquired at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 8,338 shares of company stock worth $786,321. 1.70% of the stock is currently owned by company insiders.

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.