Mirae Asset Global Investments Co. Ltd. Purchases 982 Shares of SouthState Co. (NASDAQ:SSB)

Mirae Asset Global Investments Co. Ltd. increased its position in shares of SouthState Co. (NASDAQ:SSB) by 2.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 34,658 shares of the bank’s stock after acquiring an additional 982 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in SouthState were worth $2,927,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC grew its stake in SouthState by 8,346.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after buying an additional 1,252 shares in the last quarter. Trust Point Inc. purchased a new position in SouthState in the 4th quarter worth approximately $722,000. Builder Investment Group Inc. ADV purchased a new position in SouthState in the 4th quarter worth approximately $205,000. AlphaMark Advisors LLC grew its stake in SouthState by 5.1% in the 4th quarter. AlphaMark Advisors LLC now owns 3,608 shares of the bank’s stock worth $305,000 after buying an additional 175 shares in the last quarter. Finally, Abacus Planning Group Inc. purchased a new position in SouthState in the 4th quarter worth approximately $203,000. Institutional investors own 89.76% of the company’s stock.

SouthState Price Performance

Shares of SouthState stock opened at $75.99 on Thursday. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 11.76 and a beta of 0.74. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.88 and a current ratio of 0.89. The company has a fifty day moving average of $81.92 and a 200-day moving average of $78.38. SouthState Co. has a 52-week low of $59.51 and a 52-week high of $87.77.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.13. The business had revenue of $419.72 million during the quarter, compared to analysts’ expectations of $419.08 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%. Equities research analysts expect that SouthState Co. will post 6.63 EPS for the current year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 2.74%. SouthState’s payout ratio is currently 32.20%.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the 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 completion of the sale, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Renee R. Brooks sold 4,025 shares of the company’s stock in a transaction on 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 owns 31,747 shares of the company’s stock, valued at $2,718,178.14. The disclosure for this sale can be found here. Insiders sold 11,925 shares of company stock valued at $988,686 in the last quarter. Company insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the subject of a number of research reports. DA Davidson reissued a “buy” rating and issued a $102.00 price target (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group upped 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. Raymond James cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Finally, Truist Financial cut their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $87.80.

About SouthState

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, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.