SouthState Co. (NASDAQ:SSB) Holdings Raised by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 209.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,887 shares of the bank's stock after purchasing an additional 10,070 shares during the quarter. PNC Financial Services Group Inc.'s holdings in SouthState were worth $1,382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its position in 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 acquiring an additional 6,196 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in SouthState by 5.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock worth $76,982,000 after buying an additional 42,041 shares during the period. GAMMA Investing LLC raised its holdings in SouthState by 68.1% during the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the bank's stock worth $109,000 after buying an additional 475 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in SouthState by 5.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock worth $100,856,000 after buying an additional 51,933 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in SouthState by 32.1% during the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock worth $1,066,000 after buying an additional 2,790 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 0.6%

Shares of SouthState stock opened at $92.29 on Monday. The stock has a market capitalization of $9.34 billion, a P/E ratio of 13.26 and a beta of 0.79. 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 stock has a 50 day moving average price of $92.83 and a two-hundred day moving average price of $93.05. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.26.

SouthState (NASDAQ:SSB - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.98 by $0.32. The firm had revenue of $840.50 million during the quarter, compared to analysts' expectations of $645.12 million. SouthState had a return on equity of 9.62% and a net margin of 22.38%. During the same quarter in the prior year, the business earned $1.74 earnings per share. Equities analysts expect that SouthState Co. will post 8.12 earnings per share for the current year.

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 8th will be paid a $0.60 dividend. The ex-dividend date is 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 2.6%. SouthState's dividend payout ratio is 35.77%.

Wall Street Analysts Forecast Growth

SSB has been the topic of several recent analyst reports. Hovde Group boosted their price objective on SouthState from $97.00 to $105.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods cut their price objective on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Citigroup reiterated a "buy" rating and issued a $117.00 target price (up previously 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 issued a "buy" rating and a $110.00 target price on the stock. Finally, Barclays upped their target price on SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, SouthState presently has an average rating of "Buy" and an average price target of $115.27.

Insider Buying and Selling at SouthState

In other news, Director Janet P. Froetscher bought 3,338 shares of SouthState stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average cost of $97.31 per share, with a total value of $324,820.78. Following the completion of the transaction, the director directly owned 8,294 shares in the company, valued at $807,089.14. This trade represents a 67.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Stacy Smith bought 2,500 shares of SouthState stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $92.30 per share, with a total value of $230,750.00. Following the completion of 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 disclosure for this purchase can be found here. In the last 90 days, insiders bought 8,338 shares of company stock worth $786,321. 1.70% of the stock is currently owned by corporate 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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