Teachers Retirement System of The State of Kentucky raised its holdings in SouthState Co. (NASDAQ:SSB – Get Rating) by 2.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,341 shares of the bank’s stock after acquiring an additional 568 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in SouthState were worth $1,741,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Principal Financial Group Inc. raised its holdings in SouthState by 2.7% during the 4th quarter. Principal Financial Group Inc. now owns 6,057 shares of the bank’s stock worth $485,000 after buying an additional 160 shares during the period. Rockefeller Capital Management L.P. raised its holdings in SouthState by 31.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 730 shares of the bank’s stock worth $58,000 after buying an additional 173 shares during the period. Signaturefd LLC raised its holdings in SouthState by 1.5% during the 1st quarter. Signaturefd LLC now owns 11,748 shares of the bank’s stock worth $959,000 after buying an additional 179 shares during the period. DAVENPORT & Co LLC raised its holdings in SouthState by 2.7% during the 1st quarter. DAVENPORT & Co LLC now owns 7,257 shares of the bank’s stock worth $592,000 after buying an additional 193 shares during the period. Finally, Pitcairn Co. raised its holdings in SouthState by 3.3% during the 1st quarter. Pitcairn Co. now owns 6,623 shares of the bank’s stock worth $540,000 after buying an additional 209 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on SSB. Truist Financial upped their target price on SouthState from $90.00 to $97.00 and gave the company a “buy” rating in a report on Monday, August 1st. Keefe, Bruyette & Woods upgraded SouthState from a “market perform” rating to an “outperform” rating and upped their target price for the company from $94.00 to $100.00 in a report on Thursday, June 2nd. Raymond James dropped their target price on SouthState from $93.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 7th. Finally, StockNews.com upgraded SouthState from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $92.50.
Insider Buying and Selling
SouthState Trading Down 1.6 %
NASDAQ:SSB opened at $81.07 on Thursday. The stock’s 50 day moving average price is $81.25 and its 200 day moving average price is $79.87. SouthState Co. has a 52 week low of $65.05 and a 52 week high of $93.34. The company has a market capitalization of $6.13 billion, a P/E ratio of 13.03 and a beta of 0.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.83.
SouthState (NASDAQ:SSB – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The bank reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.09. SouthState had a return on equity of 9.98% and a net margin of 30.18%. The firm had revenue of $383.29 million for the quarter, compared to the consensus estimate of $390.97 million. During the same quarter in the prior year, the company posted $1.87 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. On average, research analysts forecast that SouthState Co. will post 7.12 EPS for the current fiscal year.
SouthState Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Friday, August 12th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $2.00 dividend on an annualized basis and a yield of 2.47%. This is an increase from SouthState’s previous quarterly dividend of $0.49. SouthState’s dividend payout ratio is currently 32.15%.
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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.
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