SouthState Co. (NASDAQ:SSB) Position Boosted by International Assets Investment Management LLC

International Assets Investment Management LLC increased its holdings in SouthState Co. (NASDAQ:SSB) by 8,346.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,267 shares of the bank’s stock after purchasing an additional 1,252 shares during the quarter. International Assets Investment Management LLC’s holdings in SouthState were worth $107,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Teachers Retirement System of The State of Kentucky boosted its position in shares of SouthState by 44.5% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock valued at $3,413,000 after purchasing an additional 15,599 shares during the period. Versor Investments LP acquired a new position in shares of SouthState in the third quarter worth about $424,000. Envestnet Asset Management Inc. increased its position in shares of SouthState by 112.5% in the third quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock worth $9,689,000 after acquiring an additional 76,153 shares in the last quarter. Sei Investments Co. raised its holdings in shares of SouthState by 5.4% during the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock valued at $19,277,000 after acquiring an additional 14,688 shares during the period. Finally, Pacer Advisors Inc. lifted its position in shares of SouthState by 80.4% in the 4th quarter. Pacer Advisors Inc. now owns 11,431 shares of the bank’s stock valued at $965,000 after acquiring an additional 5,095 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SSB has been the topic of several recent analyst reports. Truist Financial cut their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday. UBS Group increased their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Raymond James cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. DA Davidson reissued a “buy” rating and issued a $102.00 price target (up from $96.00) on shares of SouthState in a research report on Monday, January 29th. Finally, Piper Sandler lowered their price objective on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, SouthState currently has a consensus rating of “Hold” and a consensus target price of $88.17.

SouthState Stock Down 1.1 %

Shares of SouthState stock opened at $77.08 on Tuesday. The stock has a 50-day simple moving average of $81.23 and a 200-day simple moving average of $79.09. SouthState Co. has a 52-week low of $59.51 and a 52-week high of $87.77. The firm has a market cap of $5.88 billion, a price-to-earnings ratio of 12.57 and a beta of 0.74. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89.

SouthState (NASDAQ:SSB) last posted its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. The firm had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company’s revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.93 earnings per share. On average, equities research analysts expect that SouthState Co. will post 6.48 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be given a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.70%. SouthState’s dividend payout ratio is currently 33.93%.

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