UMB Bank n.a. Sells 9,290 Shares of SouthState Co. $SSB

Key Points

• UMB Bank n.a. significantly reduced its stake in SouthState Co. by 87.8% in the second quarter, now holding just 1,296 shares valued at $119,000 after selling 9,290 shares.
• Major institutions like Vanguard Group and Dimensional Fund Advisors have increased their positions in SouthState, with Vanguard now owning over 11 million shares after a 31.2% increase.
• SouthState announced a quarterly dividend of $0.60 per share, representing a boost from the previous dividend of $0.54, with a current yield of 2.4%.

UMB Bank n.a. reduced its position in SouthState Co. (NASDAQ:SSB - Free Report) by 87.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,296 shares of the bank's stock after selling 9,290 shares during the period. UMB Bank n.a.'s holdings in SouthState were worth $119,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of 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 buying an additional 2,637,786 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of SouthState by 34.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the bank's stock worth $422,915,000 after acquiring an additional 1,164,348 shares during the period. Nuveen LLC bought a new position in SouthState during the first quarter valued at approximately $62,230,000. FJ Capital Management LLC lifted its position in SouthState by 286.3% during the first 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. Finally, Charles Schwab Investment Management Inc. boosted its holdings in SouthState by 38.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the bank's stock worth $133,407,000 after purchasing an additional 397,371 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

SSB has been the subject of a number of research reports. Hovde Group boosted their target price 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. Citigroup reissued 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. DA Davidson boosted their price target on SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Barclays upped their price target on shares of SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Two research 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's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $115.27.

SouthState Trading Up 0.0%

Shares of NASDAQ:SSB opened at $100.31 on Thursday. The stock has a 50 day moving average of $98.50 and a 200 day moving average of $92.68. The company has a market cap of $10.15 billion, a PE ratio of 14.41 and a beta of 0.74. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly 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. The business had revenue of $840.50 million for the quarter, compared to the consensus estimate of $645.12 million. SouthState had a net margin of 22.38% and a return on equity of 9.62%. During the same quarter in the previous year, the firm earned $1.74 earnings per share. As a group, equities research analysts expect that SouthState Co. will post 8.12 EPS for the current year.

SouthState Increases Dividend

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

Insider Buying and Selling at SouthState

In other SouthState news, Director G Stacy Smith acquired 2,500 shares of the stock in a transaction dated Friday, August 1st. The shares were 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. The trade was a 6.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Janet P. Froetscher acquired 3,338 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $97.31 per share, with a total value of $324,820.78. Following the purchase, the director owned 8,294 shares of the company's stock, valued at approximately $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 acquired a total of 8,338 shares of company stock valued at $786,321 over the last ninety days. 1.70% of the stock is currently owned by company 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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