Ziegler Capital Management LLC Acquires New Holdings in SouthState Co. (NASDAQ:SSB)

Ziegler Capital Management LLC acquired a new stake in SouthState Co. (NASDAQ:SSBFree Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 26,608 shares of the bank’s stock, valued at approximately $2,247,000.

A number of other large investors have also added to or reduced their stakes in SSB. Covestor Ltd raised its holdings in SouthState by 324.0% in the 2nd quarter. Covestor Ltd now owns 424 shares of the bank’s stock valued at $28,000 after buying an additional 324 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in SouthState by 37.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after purchasing an additional 161 shares during the last quarter. Ensign Peak Advisors Inc bought a new position in SouthState during the 1st quarter worth approximately $54,000. Lazard Asset Management LLC bought a new position in SouthState during the 1st quarter worth approximately $76,000. Finally, Huntington National Bank raised its holdings in SouthState by 72.8% during the 2nd quarter. Huntington National Bank now owns 1,227 shares of the bank’s stock worth $81,000 after purchasing an additional 517 shares during the last quarter. Institutional investors own 88.47% of the company’s stock.

SouthState Stock Performance

NASDAQ SSB opened at $82.31 on Thursday. The company has a fifty day simple moving average of $82.26 and a 200 day simple moving average of $76.76. SouthState Co. has a 12-month low of $59.51 and a 12-month high of $87.77. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. The company has a market cap of $6.28 billion, a P/E ratio of 11.61 and a beta of 0.74.

SouthState (NASDAQ:SSBGet Free Report) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.13. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The business had revenue of $419.72 million during the quarter, compared to the consensus estimate of $419.08 million. Sell-side analysts predict that SouthState Co. will post 6.64 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 16th. Shareholders of record on Friday, February 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Thursday, February 8th. SouthState’s dividend payout ratio is 32.20%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. DA Davidson restated a “buy” rating and set a $102.00 price target (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Stephens initiated coverage on shares of SouthState in a research note on Tuesday, December 19th. They issued an “equal weight” rating and a $78.00 price objective for the company. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. UBS Group lifted their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Finally, Truist Financial lifted their price objective on shares of SouthState from $72.00 to $93.00 and gave the company a “hold” rating in a research note on Friday, December 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $88.83.

Read Our Latest Stock Analysis on SouthState

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Renee R. Brooks sold 4,025 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $85.62, for a total transaction of $344,620.50. Following the completion of the transaction, the chief operating officer now directly owns 31,747 shares in the company, valued at $2,718,178.14. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

About SouthState

(Free Report)

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.

Read More

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

Receive News & Ratings for SouthState Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SouthState and related companies with MarketBeat.com's FREE daily email newsletter.