SouthState Co. (NASDAQ:SSB) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its holdings of SouthState Co. by 38.3% in the first quarter, now owning a total of 27,464 shares valued at approximately $2,549,000.
• SouthState reported $2.30 earnings per share for the last quarter, exceeding expectations and representing a net margin of 22.38% along with a revenue of $840.50 million.
• The company announced a quarterly dividend of $0.60 per share, reflecting an increase from its previous dividend, resulting in an annualized dividend yield of 2.6%.

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 38.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,464 shares of the bank's stock after purchasing an additional 7,611 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in SouthState were worth $2,549,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Aquatic Capital Management LLC acquired a new stake in SouthState in the fourth quarter valued at about $45,000. Quadrant Capital Group LLC lifted its position in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after acquiring an additional 99 shares during the period. Versant Capital Management Inc increased its stake in shares of SouthState by 577.4% during 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 increased its stake in shares of SouthState by 181.7% during 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. Finally, Collier Financial purchased a new stake in shares of SouthState during the first quarter worth about $69,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Transactions at SouthState

In other SouthState news, Director G Stacy Smith acquired 2,500 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director directly owned 39,546 shares in the company, valued at approximately $3,650,095.80. This represents a 6.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Janet P. Froetscher acquired 3,338 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $97.31 per share, with a total value of $324,820.78. Following the transaction, the director owned 8,294 shares in the company, valued at approximately $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 8,338 shares of company stock worth $786,321. Company insiders own 1.70% of the company's stock.

SouthState Trading Up 0.8%

Shares of NASDAQ SSB traded up $0.71 during trading on Monday, hitting $93.47. 828,505 shares of the company traded hands, compared to its average volume of 948,700. SouthState Co. has a 1 year low of $77.74 and a 1 year high of $114.26. The company has a 50-day moving average price of $92.39 and a 200-day moving average price of $93.29. The firm has a market capitalization of $9.49 billion, a P/E ratio of 13.43 and a beta of 0.77. 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 posted 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 net margin of 22.38% and a return on equity of 9.62%. The business had revenue of $840.50 million for the quarter, compared to analyst estimates of $645.12 million. During the same quarter in the previous year, the business posted $1.74 EPS. On average, equities analysts predict that SouthState Co. will post 8.12 EPS for the current year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders 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. The ex-dividend date is Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. SouthState's dividend payout ratio (DPR) is currently 35.77%.

Analyst Ratings Changes

Several analysts have commented on the stock. Truist Financial initiated coverage on shares of SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price for the company. Hovde Group raised their price objective on SouthState from $97.00 to $105.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Jefferies Financial Group started coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price for the company. Barclays reiterated an "overweight" rating and set a $120.00 target price (up from $117.00) on shares of SouthState in a research report on Monday, July 28th. Finally, Citigroup reiterated a "buy" rating and set a $117.00 target price (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, SouthState has an average 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.