California Public Employees Retirement System Has $11.55 Million Stake in SouthState Co. (NASDAQ:SSB)

California Public Employees Retirement System decreased its position in SouthState Co. (NASDAQ:SSBGet Rating) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 149,761 shares of the bank’s stock after selling 3,934 shares during the quarter. California Public Employees Retirement System’s holdings in SouthState were worth $11,554,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of SouthState by 16.4% in the first quarter. Vanguard Group Inc. now owns 7,914,710 shares of the bank’s stock valued at $645,762,000 after purchasing an additional 1,114,653 shares during the last quarter. BlackRock Inc. boosted its stake in shares of SouthState by 3.6% in the first quarter. BlackRock Inc. now owns 6,329,638 shares of the bank’s stock valued at $516,435,000 after buying an additional 220,760 shares during the period. Capital Research Global Investors boosted its stake in shares of SouthState by 30.9% in the first quarter. Capital Research Global Investors now owns 4,051,286 shares of the bank’s stock valued at $330,544,000 after buying an additional 955,920 shares during the period. State Street Corp boosted its stake in shares of SouthState by 7.0% in the first quarter. State Street Corp now owns 2,812,683 shares of the bank’s stock valued at $229,487,000 after buying an additional 183,939 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of SouthState by 19.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,710,692 shares of the bank’s stock valued at $221,171,000 after buying an additional 444,423 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SSB shares. Truist Financial boosted their price target on SouthState from $90.00 to $97.00 and gave the company a “buy” rating in a research note on Monday, August 1st. Piper Sandler upgraded SouthState from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $92.00 to $96.00 in a research note on Wednesday, September 28th. Raymond James upped their target price on SouthState from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 26th. Finally, StockNews.com assumed coverage on SouthState in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $94.42.

Insider Activity

In related news, COO Renee R. Brooks sold 4,000 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $82.35, for a total value of $329,400.00. Following the completion of the sale, the chief operating officer now directly owns 28,543 shares in the company, valued at $2,350,516.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Renee R. Brooks sold 4,000 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $82.35, for a total value of $329,400.00. Following the completion of the sale, the chief operating officer now directly owns 28,543 shares in the company, valued at $2,350,516.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert R. Horger sold 3,254 shares of the stock in a transaction on Monday, November 7th. The shares were sold at an average price of $90.50, for a total value of $294,487.00. Following the completion of the sale, the director now owns 24,413 shares of the company’s stock, valued at $2,209,376.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,549 shares of company stock worth $3,965,283. Insiders own 1.88% of the company’s stock.

SouthState Stock Up 2.1 %

Shares of SSB opened at $85.87 on Monday. SouthState Co. has a 52 week low of $72.25 and a 52 week high of $93.34. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 13.78 and a beta of 0.79. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day moving average of $84.70 and a 200-day moving average of $81.06.

SouthState (NASDAQ:SSBGet Rating) last announced its quarterly earnings results on Monday, October 24th. The bank reported $1.89 EPS for the quarter, meeting analysts’ consensus estimates of $1.89. SouthState had a return on equity of 10.05% and a net margin of 29.04%. During the same period in the previous year, the business posted $1.94 earnings per share. As a group, sell-side analysts anticipate that SouthState Co. will post 7.22 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Friday, November 11th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Wednesday, November 9th. SouthState’s payout ratio is 32.10%.

About SouthState

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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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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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