Free Trial

SouthState Co. $SSB Shares Purchased by Royal Bank of Canada

SouthState logo with Finance background

Key Points

  • Royal Bank of Canada increased its stake in SouthState Co. by 112.2%, acquiring an additional 77,387 shares to reach a total of 146,382 shares valued at approximately $13.59 million.
  • SouthState recently increased its quarterly dividend to $0.60 per share, up from $0.54, reflecting a 2.4% dividend yield and a payout ratio of 35.77%.
  • Several analysts have upgraded SouthState's stock ratings, with Citigroup setting a new target price of $117.00 and Barclays raising theirs to $120.00, indicating a strong market interest in the company's performance.
  • MarketBeat previews top five stocks to own in November.

Royal Bank of Canada lifted its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 112.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 146,382 shares of the bank's stock after purchasing an additional 77,387 shares during the period. Royal Bank of Canada owned about 0.14% of SouthState worth $13,587,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc increased its holdings in shares of SouthState by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the bank's stock valued at $87,000 after acquiring an additional 117 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in SouthState by 5.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank's stock worth $220,000 after purchasing an additional 118 shares in the last quarter. Baird Financial Group Inc. grew its position in SouthState by 6.4% during the 4th quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank's stock worth $253,000 after purchasing an additional 153 shares during the last quarter. FourThought Financial Partners LLC increased its stake in SouthState by 5.7% during the 1st quarter. FourThought Financial Partners LLC now owns 3,070 shares of the bank's stock valued at $285,000 after purchasing an additional 166 shares in the last quarter. Finally, Liberty One Investment Management LLC raised its holdings in shares of SouthState by 2.3% in the first quarter. Liberty One Investment Management LLC now owns 8,222 shares of the bank's stock worth $763,000 after buying an additional 186 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Performance

NASDAQ:SSB traded down $0.60 during trading hours on Tuesday, reaching $100.22. The company had a trading volume of 563,606 shares, compared to its average volume of 908,098. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a 1-year low of $77.74 and a 1-year high of $114.26. The business's 50 day moving average price is $97.98 and its 200-day moving average price is $92.40. The firm has a market cap of $10.14 billion, a PE ratio of 14.40 and a beta of 0.74.

SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly earnings data 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 net margin of 22.38% and a return on equity of 9.62%. The business had revenue of $840.50 million for the quarter, compared to analysts' expectations of $645.12 million. During the same quarter last year, the company earned $1.74 EPS. Research analysts forecast that SouthState Co. will post 8.12 EPS for the current year.

SouthState Increases Dividend

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

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 stock was acquired at an average cost of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the transaction, the director directly owned 39,546 shares of the company's stock, valued at approximately $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Janet P. Froetscher bought 3,338 shares of SouthState stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 8,338 shares of company stock valued at $786,321 in the last ninety days. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Hovde Group boosted their price objective 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. Barclays lifted their price target on SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Citigroup reissued a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a report on Monday, July 28th. Jefferies Financial Group initiated coverage on SouthState in a report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price for the company. Finally, DA Davidson upped their target price on SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research report 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $115.27.

Get Our Latest Analysis on SouthState

SouthState Company 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.

Recommended Stories

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

Should You Invest $1,000 in SouthState Bank Right Now?

Before you consider SouthState Bank, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SouthState Bank wasn't on the list.

While SouthState Bank currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Metaverse Stocks And Why You Can't Ignore Them Cover

Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.

Get This Free Report
Like this article? Share it with a colleague.