California Public Employees Retirement System Purchases 6,016 Shares of SouthState Co. (NASDAQ:SSB)

California Public Employees Retirement System raised its position in SouthState Co. (NASDAQ:SSB – Get Rating) by 3.5% in the 4th quarter, Holdings Channel reports. The firm owned 175,603 shares of the bank’s stock after buying an additional 6,016 shares during the quarter. California Public Employees Retirement System’s holdings in SouthState were worth $13,409,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in SouthState by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,205,703 shares of the bank’s stock valued at $649,235,000 after purchasing an additional 290,494 shares during the period. BlackRock Inc. lifted its holdings in shares of SouthState by 3.6% during the 1st quarter. BlackRock Inc. now owns 6,329,638 shares of the bank’s stock worth $516,435,000 after acquiring an additional 220,760 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of SouthState by 30.9% during the 1st quarter. Capital Research Global Investors now owns 4,051,286 shares of the bank’s stock worth $330,544,000 after acquiring an additional 955,920 shares during the last quarter. State Street Corp lifted its holdings in shares of SouthState by 7.0% during the 1st quarter. State Street Corp now owns 2,812,683 shares of the bank’s stock worth $229,487,000 after acquiring an additional 183,939 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of SouthState by 5.2% during the 3rd quarter. Victory Capital Management Inc. now owns 2,641,167 shares of the bank’s stock worth $208,969,000 after acquiring an additional 130,351 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other SouthState 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 $2,005,469.26. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Douglas Lloyd Williams sold 23,400 shares of the stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $85.01, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Greg A. Lapointe sold 630 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $80.69, for a total transaction of $50,834.70. Following the transaction, the insider now owns 24,854 shares in the company, valued at approximately $2,005,469.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,660 shares of company stock worth $4,430,122. 1.26% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial dropped their price objective on shares of SouthState from $91.00 to $82.00 in a report on Thursday, March 23rd. Raymond James lowered their price target on shares of SouthState from $95.00 to $85.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. UBS Group began coverage on shares of SouthState in a research note on Wednesday, March 15th. They issued a “neutral” rating and a $79.00 price target for the company. Keefe, Bruyette & Woods lowered their price target on shares of SouthState from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Finally, StockNews.com downgraded shares of SouthState from a “hold” rating to a “sell” rating in a research note on Wednesday, March 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.17.

SouthState Price Performance

Shares of NASDAQ SSB opened at $60.87 on Monday. SouthState Co. has a 1 year low of $59.51 and a 1 year high of $91.74. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.88 and a quick ratio of 0.88. The company’s 50-day moving average is $69.84 and its 200 day moving average is $77.43. The stock has a market capitalization of $4.62 billion, a P/E ratio of 8.66 and a beta of 0.79.

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

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 19th. Shareholders of record on Friday, May 12th will be issued a $0.50 dividend. 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 (DPR) is presently 28.45%.

SouthState 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.