SouthState Co. (NASDAQ:SSB) Shares Purchased by Ensign Peak Advisors Inc

Posted by MarketBeat News on Mar 14th, 2023

Ensign Peak Advisors Inc increased its stake in shares of SouthState Co. (NASDAQ:SSB – Get Rating) by 1,309.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,300 shares of the bank’s stock after purchasing an additional 8,640 shares during the period. Ensign Peak Advisors Inc’s holdings in SouthState were worth $736,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Wipfli Financial Advisors LLC acquired a new position in SouthState in the 3rd quarter valued at $29,000. Wagner Wealth Management LLC acquired a new position in SouthState in the 2nd quarter valued at $28,000. Exchange Traded Concepts LLC acquired a new position in SouthState in the 3rd quarter valued at $31,000. Rockefeller Capital Management L.P. raised its holdings in SouthState by 244.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 430 shares of the bank’s stock valued at $34,000 after acquiring an additional 305 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in SouthState in the 1st quarter valued at $76,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SouthState

In other news, insider Greg A. Lapointe sold 630 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $80.69, for a total value of $50,834.70. Following the sale, the insider now owns 24,854 shares in the company, valued at approximately $2,005,469.26. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Greg A. Lapointe sold 630 shares of the stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $80.69, for a total transaction of $50,834.70. Following the sale, the insider now owns 24,854 shares in the company, valued at $2,005,469.26. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas Lloyd Williams sold 23,400 shares of the stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $85.01, for a total transaction of $1,989,234.00. Following the sale, the insider now owns 15,760 shares in the company, valued at approximately $1,339,757.60. The disclosure for this sale can be found here. Insiders sold a total of 122,836 shares of company stock valued at $9,974,384 in the last ninety days. Insiders own 1.88% of the company’s stock.

Wall Street Analyst Weigh In

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Several research analysts have weighed in on the company. Keefe, Bruyette & Woods cut their price target on SouthState from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, January 31st. Raymond James dropped their price objective on SouthState from $98.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, January 30th. Truist Financial dropped their price objective on SouthState from $96.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, February 1st. Finally, StockNews.com upgraded SouthState from a “sell” rating to a “hold” rating in a report on Wednesday, March 1st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $94.60.

SouthState Stock Down 8.6 %

Shares of SouthState stock opened at $69.18 on Tuesday. The company has a fifty day moving average price of $79.36 and a 200 day moving average price of $81.51. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. SouthState Co. has a twelve month low of $66.56 and a twelve month high of $91.74. The stock has a market cap of $5.25 billion, a price-to-earnings ratio of 10.50 and a beta of 0.81.

SouthState (NASDAQ:SSB – Get Rating) last announced its quarterly earnings results on Friday, January 27th. The bank reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.16). The business had revenue of $459.40 million for the quarter, compared to analysts’ expectations of $447.26 million. SouthState had a return on equity of 10.56% and a net margin of 29.01%. The firm’s revenue for the quarter was up 31.3% on a year-over-year basis. During the same period last year, the company posted $1.59 earnings per share. Equities research analysts forecast that SouthState Co. will post 8.12 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Friday, February 10th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $2.00 dividend on an annualized basis and a yield of 2.89%. SouthState’s payout ratio is currently 30.35%.

SouthState Company Profile

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South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.