MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 14,979 Shares of SouthState Co. $SSB

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in SouthState Co. by 34.6%, acquiring 14,979 shares during the first quarter, bringing its total ownership to 58,256 shares valued at approximately $5.4 million.
• SouthState Co. reported strong earnings of $2.30 per share for the last quarter, significantly exceeding analysts' expectations of $1.98, with revenues reaching $840.50 million.
• The company also raised its quarterly dividend to $0.60 per share, reflecting a positive change from the prior dividend of $0.54, translating to an annualized yield of 2.3%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 34.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,256 shares of the bank's stock after acquiring an additional 14,979 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.06% of SouthState worth $5,407,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SSB. 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 acquiring an additional 2,637,786 shares during the period. 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 acquiring an additional 1,164,348 shares during the period. Westwood Holdings Group Inc. increased its stake in SouthState by 2,221.8% during the fourth quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after acquiring an additional 696,014 shares during the period. Nuveen LLC bought a new position in SouthState during the first quarter valued at about $62,230,000. Finally, FJ Capital Management LLC grew its stake in shares of SouthState by 286.3% in the 1st quarter. FJ Capital Management LLC now owns 556,226 shares of the bank's stock valued at $51,629,000 after purchasing an additional 412,242 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Trading Up 1.0%

NASDAQ:SSB traded up $0.97 during trading hours on Wednesday, hitting $101.25. 928,710 shares of the stock were exchanged, compared to its average volume of 908,215. The company's 50 day moving average is $98.05 and its two-hundred day moving average is $92.46. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.26. 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 company has a market capitalization of $10.25 billion, a P/E ratio of 14.55 and a beta of 0.74.

SouthState (NASDAQ:SSB - Get Free Report) last posted 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 firm had revenue of $840.50 million for the quarter, compared to the consensus estimate of $645.12 million. During the same quarter in the prior year, the business earned $1.74 EPS. On average, sell-side analysts anticipate that SouthState Co. will post 8.12 earnings per share for the current fiscal 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 paid a $0.60 dividend. This is an increase from SouthState's previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState's dividend payout ratio (DPR) is currently 35.77%.

Insider Activity

In related news, Director G Stacy Smith purchased 2,500 shares of the business's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $92.30 per share, with a total value of $230,750.00. Following the purchase, the director directly owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Janet P. Froetscher acquired 3,338 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average price of $97.31 per share, with a total value of $324,820.78. Following the transaction, the director owned 8,294 shares in the company, valued at $807,089.14. This represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,338 shares of company stock valued at $786,321 in the last 90 days. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup reiterated a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a research note on Monday, July 28th. Barclays upped their price objective on SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Jefferies Financial Group assumed coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective on the stock. Hovde Group upped their price objective on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Finally, DA Davidson upped their price objective on SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Two equities 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 stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $115.27.

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.