Assenagon Asset Management S.A. acquired a new stake in SouthState Co. (NASDAQ:SSB – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 130,182 shares of the bank’s stock, valued at approximately $9,941,000. Assenagon Asset Management S.A. owned approximately 0.17% of SouthState as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. California Public Employees Retirement System raised its position in SouthState by 13.2% during the third quarter. California Public Employees Retirement System now owns 169,587 shares of the bank’s stock valued at $13,418,000 after purchasing an additional 19,826 shares during the period. Ensign Peak Advisors Inc grew its stake in shares of SouthState by 1,309.1% during the third quarter. Ensign Peak Advisors Inc now owns 9,300 shares of the bank’s stock valued at $736,000 after buying an additional 8,640 shares during the last quarter. Moody National Bank Trust Division bought a new position in shares of SouthState during the third quarter valued at approximately $291,000. Oppenheimer Asset Management Inc. grew its stake in SouthState by 3.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 20,184 shares of the bank’s stock worth $1,597,000 after purchasing an additional 749 shares in the last quarter. Finally, HBK Sorce Advisory LLC grew its stake in SouthState by 0.9% in the third quarter. HBK Sorce Advisory LLC now owns 29,543 shares of the bank’s stock worth $2,337,000 after purchasing an additional 250 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages recently issued reports on SSB. Keefe, Bruyette & Woods dropped their price objective on SouthState from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 31st. StockNews.com cut SouthState from a “hold” rating to a “sell” rating in a research report on Wednesday, March 15th. Truist Financial dropped their target price on SouthState from $91.00 to $82.00 in a research report on Thursday. UBS Group assumed coverage on SouthState in a research report on Wednesday, March 15th. They set a “neutral” rating and a $79.00 target price on the stock. Finally, Raymond James dropped their target price on SouthState from $98.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, January 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SouthState currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.50.
Insider Activity at SouthState
SouthState Trading Up 0.1 %
SSB stock opened at $71.13 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. SouthState Co. has a 12-month low of $66.56 and a 12-month high of $91.74. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of 10.79 and a beta of 0.81. The business’s 50-day moving average is $78.46 and its 200 day moving average is $81.17.
SouthState (NASDAQ:SSB – Get Rating) last released its earnings results on Friday, January 27th. The bank reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.16). SouthState had a return on equity of 10.56% and a net margin of 29.01%. The business had revenue of $459.40 million during the quarter, compared to analysts’ expectations of $447.26 million. During the same period last year, the business earned $1.59 earnings per share. The company’s revenue for the quarter was up 31.3% compared to the same quarter last year. On average, sell-side analysts anticipate that SouthState Co. will post 8.12 EPS for the current fiscal year.
SouthState Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Friday, February 10th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date was Thursday, February 9th. SouthState’s dividend payout ratio is presently 30.35%.
About SouthState
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.
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