MetLife Investment Management LLC Raises Position in SouthState Co. $SSB

Key Points

• MetLife Investment Management LLC increased its position in SouthState Co. by 147.1% in the first quarter, owning 0.21% of the company worth approximately $20 million.
• SouthState recently declared a quarterly dividend of $0.60 per share, marking an increase from the previous $0.54, with a current dividend yield of 2.4%.
• Analysts have a consensus rating of "Buy" for SouthState, with a target price averaging $115.27, reflecting positive growth expectations.

MetLife Investment Management LLC lifted its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 147.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 216,085 shares of the bank's stock after buying an additional 128,640 shares during the period. MetLife Investment Management LLC owned approximately 0.21% of SouthState worth $20,057,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its position in shares of SouthState by 153.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock worth $949,000 after buying an additional 6,196 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in SouthState by 5.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock valued at $76,982,000 after purchasing an additional 42,041 shares during the last quarter. GAMMA Investing LLC boosted its holdings in SouthState by 68.1% in the first quarter. GAMMA Investing LLC now owns 1,172 shares of the bank's stock valued at $109,000 after purchasing an additional 475 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in SouthState by 5.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock valued at $100,856,000 after purchasing an additional 51,933 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in SouthState by 32.1% in the first quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock valued at $1,066,000 after purchasing an additional 2,790 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Trading Up 4.2%

NASDAQ:SSB opened at $100.5380 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The business's 50 day moving average is $94.44 and its two-hundred day moving average is $92.39. SouthState Co. has a 52 week low of $77.74 and a 52 week high of $114.26. The company has a market cap of $10.18 billion, a PE ratio of 14.45 and a beta of 0.79.

SouthState (NASDAQ:SSB - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, topping analysts' consensus estimates of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The company had revenue of $840.50 million for the quarter, compared to the consensus estimate of $645.12 million. During the same quarter last year, the business posted $1.74 EPS. On average, analysts predict that SouthState Co. will post 8.12 EPS 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 given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was 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%.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of analyst reports. Hovde Group increased their price target on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Citigroup reissued a "buy" rating and issued a $117.00 price target (up previously from $113.00) on shares of SouthState in a report on Monday, July 28th. Keefe, Bruyette & Woods reduced their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Stephens reissued an "overweight" rating and issued a $119.00 price target on shares of SouthState in a report on Monday, April 28th. Finally, DA Davidson increased their price target on SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, SouthState has a consensus rating of "Buy" and a consensus target price of $115.27.

Insider Transactions at SouthState

In related news, Director G Stacy Smith purchased 2,500 shares of the company's stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $92.30 per share, for a total transaction of $230,750.00. Following the transaction, the director owned 39,546 shares of the company's stock, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Janet P. Froetscher purchased 3,338 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were bought at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the transaction, the director directly owned 8,294 shares in the company, valued at approximately $807,089.14. This trade represents a 67.35% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 8,338 shares of company stock worth $786,321. 1.70% of the stock is currently owned by company insiders.

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.

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