Swiss National Bank Increases Stock Holdings in SouthState Co. (NASDAQ:SSB)

Swiss National Bank boosted its position in shares of SouthState Co. (NASDAQ:SSB – Get Rating) by 2.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 182,737 shares of the bank’s stock after purchasing an additional 3,800 shares during the period. Swiss National Bank’s holdings in SouthState were worth $13,954,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Creative Planning boosted its stake in shares of SouthState by 2.1% in the 3rd quarter. Creative Planning now owns 5,583 shares of the bank’s stock valued at $442,000 after buying an additional 117 shares during the period. Signaturefd LLC boosted its stake in shares of SouthState by 1.2% in the 4th quarter. Signaturefd LLC now owns 11,934 shares of the bank’s stock valued at $911,000 after buying an additional 145 shares during the period. Raymond James & Associates boosted its stake in shares of SouthState by 1.0% in the 3rd quarter. Raymond James & Associates now owns 16,866 shares of the bank’s stock valued at $1,334,000 after buying an additional 166 shares during the period. Red Spruce Capital LLC boosted its stake in shares of SouthState by 0.6% in the 4th quarter. Red Spruce Capital LLC now owns 28,971 shares of the bank’s stock valued at $2,212,000 after buying an additional 166 shares during the period. Finally, FourThought Financial LLC boosted its stake in shares of SouthState by 6.7% in the 3rd quarter. FourThought Financial LLC now owns 2,713 shares of the bank’s stock valued at $215,000 after buying an additional 170 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SSB has been the subject of several recent research reports. Keefe, Bruyette & Woods decreased their price objective on SouthState from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Truist Financial decreased their target price on SouthState from $91.00 to $82.00 in a research note on Thursday, March 23rd. Raymond James decreased their target price on SouthState from $95.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. StockNews.com cut SouthState from a “hold” rating to a “sell” rating in a research note on Wednesday, March 15th. Finally, UBS Group assumed coverage on SouthState in a research report on Wednesday, March 15th. They set a “neutral” rating and a $79.00 price target on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, SouthState presently has an average rating of “Moderate Buy” and a consensus price target of $87.17.

SouthState Trading Up 0.1 %

Shares of SSB opened at $60.87 on Friday. The company has a market capitalization of $4.62 billion, a P/E ratio of 8.66 and a beta of 0.79. SouthState Co. has a one year low of $59.51 and a one year high of $91.74. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50-day moving average price of $69.84 and a 200 day moving average price of $77.50.

SouthState (NASDAQ:SSB – Get Rating) last released its earnings results on Friday, April 28th. The bank reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $1.98 by ($0.05). SouthState had a return on equity of 11.02% and a net margin of 28.57%. The firm had revenue of $521.76 million for the quarter, compared to the consensus estimate of $442.20 million. During the same period in the prior year, the business earned $1.69 EPS. Sell-side analysts forecast that SouthState Co. will post 7.55 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 19th. Shareholders of record on Friday, May 12th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Thursday, May 11th. SouthState’s dividend payout ratio is presently 28.45%.

Insider Transactions at SouthState

In other news, insider Douglas Lloyd Williams sold 23,400 shares of the stock in a transaction that occurred on 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 directly owns 15,760 shares in the company, valued at approximately $1,339,757.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Robert R. Hill, Jr. sold 24,900 shares of SouthState stock in a transaction on Monday, March 6th. The stock was sold at an average price of $83.74, for a total transaction of $2,085,126.00. Following the transaction, the chairman now directly owns 9,993 shares in the company, valued at approximately $836,813.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Douglas Lloyd Williams sold 23,400 shares of SouthState stock in a transaction on Monday, March 6th. The shares were sold at an average price of $85.01, for a total value of $1,989,234.00. Following the transaction, the insider now owns 15,760 shares in the company, valued at $1,339,757.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,112 shares of company stock worth $6,135,771. 1.26% of the stock is currently owned by company insiders.

About SouthState

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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.