SouthState Co. (NASDAQ:SSB) Shares Acquired by SouthState Corp

Key Points

• SouthState Corp increased its stake in SouthState Co. by 39.8% during the 1st quarter, owning 61,316 shares valued at $5.69 million.
• The company recently announced a quarterly dividend increase to $0.60 per share, representing an annualized yield of 2.6%.
• Analysts have set varied price targets for SouthState, with a consensus average of $115.27, reflecting a generally positive outlook with multiple "buy" ratings.

SouthState Corp grew its position in SouthState Co. (NASDAQ:SSB - Free Report) by 39.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 61,316 shares of the bank's stock after buying an additional 17,457 shares during the period. SouthState Corp owned 0.06% of SouthState worth $5,691,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SSB. Quadrant Capital Group LLC raised its holdings in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after acquiring an additional 99 shares during the period. Bragg Financial Advisors Inc raised its holdings in shares of SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock worth $276,000 after acquiring an additional 115 shares during the period. IFP Advisors Inc raised its holdings in shares of SouthState by 14.2% during the 1st quarter. IFP Advisors Inc now owns 943 shares of the bank's stock worth $87,000 after acquiring an additional 117 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of SouthState by 5.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank's stock worth $220,000 after acquiring an additional 118 shares during the period. Finally, Baird Financial Group Inc. raised its holdings in shares of 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 acquiring an additional 153 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Up 2.3%

Shares of NASDAQ:SSB traded up $2.20 during mid-day trading on Wednesday, hitting $97.71. 623,039 shares of the company traded hands, compared to its average volume of 941,424. The firm has a market cap of $9.89 billion, a P/E ratio of 14.04 and a beta of 0.79. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a 52-week low of $77.74 and a 52-week high of $114.26. The firm's 50 day simple moving average is $93.07 and its 200 day simple moving average is $92.99.

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 company had revenue of $840.50 million for the quarter, compared to the consensus estimate of $645.12 million. During the same period in the previous year, the business earned $1.74 EPS. On average, equities analysts anticipate that SouthState Co. will post 8.12 EPS for the current year.

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 8th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, August 8th. This is an increase from SouthState's previous quarterly dividend of $0.54. SouthState's dividend payout ratio (DPR) is currently 35.77%.

Insiders Place Their Bets

In related news, 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 cost of $97.31 per share, for a total transaction of $324,820.78. Following the purchase, the director directly 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director G Stacy Smith acquired 2,500 shares of the stock in a transaction that occurred on 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 completion of the purchase, the director owned 39,546 shares in the company, valued at $3,650,095.80. The trade was a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 8,338 shares of company stock valued at $786,321. 1.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Raymond James Financial set a $110.00 price target on SouthState in a report on Monday, April 28th. Citigroup reissued a "buy" rating and issued a $117.00 price target (up from $113.00) on shares of SouthState in a research note on Monday, July 28th. Keefe, Bruyette & Woods reduced their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Truist Financial started coverage on shares of SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target on the stock. Finally, Hovde Group boosted their price target on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target 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.