Boston Partners Raises Stock Position in SouthState Co. (NASDAQ:SSB)

Boston Partners raised its stake in shares of SouthState Co. (NASDAQ:SSB) by 24.6% during the second quarter, Holdings Channel reports. The firm owned 456,841 shares of the bank’s stock after buying an additional 90,224 shares during the quarter. Boston Partners’ holdings in SouthState were worth $30,746,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SSB. Prospector Partners LLC boosted its holdings in shares of SouthState by 0.6% in the second quarter. Prospector Partners LLC now owns 75,997 shares of the bank’s stock worth $5,001,000 after buying an additional 450 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of SouthState by 0.3% in the second quarter. Russell Investments Group Ltd. now owns 43,740 shares of the bank’s stock worth $2,878,000 after buying an additional 146 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of SouthState in the second quarter worth approximately $2,912,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of SouthState by 5.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 965,706 shares of the bank’s stock worth $63,543,000 after buying an additional 50,369 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of SouthState by 966.9% in the second quarter. Citigroup Inc. now owns 91,359 shares of the bank’s stock worth $6,011,000 after buying an additional 82,796 shares during the last quarter. 88.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director G Ruffner Page, Jr. acquired 2,633 shares of SouthState stock in a transaction dated Monday, November 13th. The shares were purchased at an average price of $68.93 per share, for a total transaction of $181,492.69. Following the completion of the transaction, the director now directly owns 76,811 shares in the company, valued at approximately $5,294,582.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Greg A. Lapointe sold 2,600 shares of the firm’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $75.82, for a total value of $197,132.00. Following the completion of the transaction, the insider now directly owns 21,076 shares of the company’s stock, valued at $1,597,982.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director G Ruffner Page, Jr. bought 2,633 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was acquired at an average cost of $68.93 per share, with a total value of $181,492.69. Following the completion of the acquisition, the director now owns 76,811 shares of the company’s stock, valued at approximately $5,294,582.23. The disclosure for this purchase can be found here. Company insiders own 1.26% of the company’s stock.

SouthState Trading Up 0.6 %

SouthState stock opened at $75.40 on Friday. The stock has a market cap of $5.74 billion, a P/E ratio of 10.85 and a beta of 0.79. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.89 and a quick ratio of 0.89. SouthState Co. has a 1 year low of $59.51 and a 1 year high of $88.29. The firm’s 50 day moving average price is $68.56 and its 200-day moving average price is $69.39.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Friday, October 27th. The bank reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.63 by ($0.01). The company had revenue of $573.36 million for the quarter, compared to the consensus estimate of $429.70 million. SouthState had a net margin of 24.84% and a return on equity of 10.38%. During the same quarter in the previous year, the business earned $1.89 EPS. On average, equities analysts predict that SouthState Co. will post 6.71 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 10th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, November 9th. SouthState’s payout ratio is currently 29.93%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SSB. Truist Financial downgraded shares of SouthState from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $86.00 to $73.00 in a report on Wednesday, September 27th. Raymond James decreased their target price on shares of SouthState from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, October 30th. Finally, StockNews.com assumed coverage on shares of SouthState in a research note on Thursday, October 5th. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $80.50.

SouthState Company Profile

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 offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.