US Bancorp DE Buys 3,269 Shares of SouthState Co. (NASDAQ:SSB)

US Bancorp DE increased its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 81.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,301 shares of the bank's stock after purchasing an additional 3,269 shares during the quarter. US Bancorp DE's holdings in SouthState were worth $678,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SSB. Northern Trust Corp grew its stake in SouthState by 9.4% in the 4th quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock valued at $110,598,000 after buying an additional 95,841 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in SouthState by 5.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock valued at $100,856,000 after buying an additional 51,933 shares in the last quarter. Bank of New York Mellon Corp grew its stake in SouthState by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock valued at $89,487,000 after buying an additional 121,591 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in SouthState by 5.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock valued at $76,982,000 after buying an additional 42,041 shares in the last quarter. Finally, Westwood Holdings Group Inc. grew its stake in SouthState by 2,221.8% in the 4th quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after buying an additional 696,014 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SSB shares. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Truist Financial initiated coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target for the company. Jefferies Financial Group initiated coverage on shares of SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target for the company. 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 report on Friday, July 25th. Finally, Raymond James Financial set a $110.00 price target on shares of SouthState in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $115.27.

SouthState Stock Up 0.6%

Shares of NASDAQ:SSB opened at $92.29 on Monday. SouthState Co. has a 52-week low of $77.74 and a 52-week high of $114.26. The firm has a fifty day moving average of $92.83 and a 200 day moving average of $93.05. The firm has a market capitalization of $9.34 billion, a PE ratio of 13.26 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 (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.32. The business had revenue of $840.50 million during 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 period in the previous year, the firm posted $1.74 earnings per share. As a group, research analysts anticipate that SouthState Co. will post 8.12 EPS for the current fiscal year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 8th will be paid a $0.60 dividend. This is a boost from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 8th. SouthState's payout ratio is presently 35.77%.

Insider Buying and Selling at SouthState

In other news, Director Janet P. Froetscher acquired 3,338 shares of the stock in a transaction dated 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 purchase, the director owned 8,294 shares in the company, valued at approximately $807,089.14. The trade was a 67.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director G Stacy Smith acquired 2,500 shares of the stock in a transaction dated Friday, August 1st. The shares were purchased at an average cost 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 of the company's stock, valued at approximately $3,650,095.80. The trade was a 6.75% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 8,338 shares of company stock valued at $786,321 over the last three months. 1.70% of the stock is currently owned by insiders.

SouthState Company 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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