Wellington Management Group LLP Has $82.47 Million Stock Position in SouthState Co. $SSB

Key Points

• Wellington Management Group LLP has reduced its stake in SouthState Co. by 5.3%, selling 49,321 shares and maintaining ownership of 888,451 shares, which are valued at $82.47 million.
• SouthState increased its quarterly dividend to $0.60 from $0.54, reflecting an annualized yield of 2.4% and a payout ratio of 35.77%.
• Despite insider selling, including a transaction where Daniel E. Bockhorst sold 5,000 shares, there has been significant institutional interest with 89.76% of the stock owned by institutional investors.

Wellington Management Group LLP trimmed its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 888,451 shares of the bank's stock after selling 49,321 shares during the quarter. Wellington Management Group LLP owned about 0.88% of SouthState worth $82,466,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in SSB. Aquatic Capital Management LLC bought a new stake in shares of SouthState in the 4th quarter worth approximately $45,000. Versant Capital Management Inc raised its holdings in shares of SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after purchasing an additional 378 shares in the last quarter. Summit Securities Group LLC raised its holdings in shares of SouthState by 81.5% in the 1st quarter. Summit Securities Group LLC now owns 688 shares of the bank's stock worth $64,000 after purchasing an additional 309 shares in the last quarter. Finally, Collier Financial bought a new stake in shares of SouthState in the 1st quarter worth approximately $69,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 0.0%

SSB stock traded up $0.02 during trading hours on Thursday, hitting $101.78. The company's stock had a trading volume of 237,422 shares, compared to its average volume of 916,947. 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 company has a market capitalization of $10.30 billion, a PE ratio of 14.61 and a beta of 0.79. SouthState Co. has a 12 month low of $77.74 and a 12 month high of $114.26. The stock has a 50 day moving average price of $95.32 and a two-hundred day moving average price of $92.46.

SouthState (NASDAQ:SSB - Get Free Report) last posted its earnings results on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, topping the consensus estimate of $1.98 by $0.32. The company 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. On average, equities research analysts expect 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 paid a $0.60 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState's dividend payout ratio is presently 35.77%.

Insider Transactions at SouthState

In other news, Director Janet P. Froetscher acquired 3,338 shares of SouthState stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the purchase, the director owned 8,294 shares of the company's stock, valued at $807,089.14. This represents a 67.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director G Stacy Smith acquired 2,500 shares of SouthState stock in a transaction dated Friday, August 1st. The stock was purchased 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 directly owned 39,546 shares of the company's stock, valued at $3,650,095.80. The trade was a 6.75% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 8,338 shares of company stock worth $786,321. 1.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SSB. Jefferies Financial Group began coverage on shares of SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Citigroup reissued a "buy" rating and issued a $117.00 target price (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. Barclays lifted their target price on shares of SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Truist Financial assumed coverage on shares of SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price on the stock. Finally, Keefe, Bruyette & Woods dropped their target price on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $115.27.

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.