SouthState Co. $SSB Holdings Raised by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in SouthState Co. by 23.3%, now owning approximately 1.35% of the company, valued at around $127.28 million.
• SouthState recently reported earnings of $2.30 per share, surpassing the consensus estimate of $1.98, with revenue totaling $840.50 million for the quarter.
• The company has declared a quarterly dividend of $0.60 per share, up from the previous $0.54, which results in an annualized yield of 2.4%.

Northern Trust Corp grew its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 23.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,371,315 shares of the bank's stock after purchasing an additional 259,557 shares during the period. Northern Trust Corp owned about 1.35% of SouthState worth $127,285,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of SouthState by 153.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock valued at $949,000 after purchasing an additional 6,196 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of SouthState by 5.7% during 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 lifted its holdings in shares of SouthState by 68.1% during 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 lifted its holdings in shares of SouthState by 5.0% during 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 lifted its stake in SouthState by 32.1% in the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock worth $1,066,000 after acquiring an additional 2,790 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $100.5380 on Friday. The business has a 50 day moving average price of $94.44 and a 200 day moving average price of $92.60. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.26. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 14.45 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.

SouthState (NASDAQ:SSB - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $645.12 million. During the same quarter in the prior year, the company earned $1.74 EPS. Research analysts predict that SouthState Co. will post 8.12 earnings per share for the current year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from SouthState's previous quarterly dividend of $0.54. SouthState's payout ratio is 35.77%.

Insider Transactions at SouthState

In other news, insider Daniel E. Bockhorst sold 5,000 shares of SouthState stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the sale, the insider owned 31,785 shares of the company's stock, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet P. Froetscher acquired 3,338 shares of the firm's stock in a transaction dated 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 acquisition, the director directly owned 8,294 shares in the company, valued at $807,089.14. This represents a 67.35% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 8,338 shares of company stock valued at $786,321. 1.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Barclays increased their price objective on SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Hovde Group increased their price objective on SouthState from $97.00 to $105.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. 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 for the company. DA Davidson increased their price objective on SouthState from $115.00 to $117.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Finally, Raymond James Financial set a $110.00 price objective on SouthState in a research note on Monday, April 28th. Two 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. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $115.27.

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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