Allspring Global Investments Holdings LLC grew its position in SouthState Co. (NASDAQ:SSB – Get Rating) by 4.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 824,926 shares of the bank’s stock after buying an additional 37,481 shares during the period. Allspring Global Investments Holdings LLC owned 1.09% of SouthState worth $62,991,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in SSB. Raymond James & Associates lifted its holdings in shares of SouthState by 69.1% in the 1st quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock worth $1,587,000 after acquiring an additional 7,949 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of SouthState by 51.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock worth $1,832,000 after acquiring an additional 7,622 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of SouthState by 119.0% in the 1st quarter. HighTower Advisors LLC now owns 8,239 shares of the bank’s stock worth $673,000 after acquiring an additional 4,477 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of SouthState by 29.1% in the 1st quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock worth $2,194,000 after acquiring an additional 6,065 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of SouthState in the 1st quarter worth approximately $204,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.
Insider Activity at SouthState
In related news, insider Douglas Lloyd Williams sold 23,400 shares of the stock in a transaction on Monday, March 6th. The shares were sold at an average price of $85.01, for a total value of $1,989,234.00. Following the transaction, the insider now directly owns 15,760 shares of the company’s stock, valued at approximately $1,339,757.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Douglas Lloyd Williams sold 23,400 shares of the stock in a transaction on Monday, March 6th. The shares were sold at an average price of $85.01, for a total value of $1,989,234.00. Following the transaction, the insider now directly owns 15,760 shares of the company’s stock, valued at approximately $1,339,757.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director G Ruffner Page, Jr. acquired 14,000 shares of the stock in a transaction on Friday, March 10th. The shares were acquired at an average cost of $71.75 per share, for a total transaction of $1,004,500.00. Following the completion of the transaction, the director now directly owns 72,963 shares in the company, valued at approximately $5,235,095.25. The disclosure for this purchase can be found here. Insiders have sold 122,836 shares of company stock valued at $9,974,384 in the last ninety days. Insiders own 1.26% of the company’s stock.
SouthState Price Performance
SouthState (NASDAQ:SSB – Get Rating) last announced its quarterly earnings data 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 net margin of 29.01% and a return on equity of 10.56%. The firm had revenue of $459.40 million during the quarter, compared to analyst estimates of $447.26 million. During the same quarter in the previous year, the business posted $1.59 earnings per share. SouthState’s revenue for the quarter was up 31.3% compared to the same quarter last year. Equities analysts forecast that SouthState Co. will post 7.92 EPS for the current fiscal year.
SouthState Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Friday, February 10th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Thursday, February 9th. SouthState’s dividend payout ratio (DPR) is 30.35%.
Analyst Ratings Changes
Several equities analysts have recently commented on SSB shares. Truist Financial decreased their price objective on shares of SouthState from $91.00 to $82.00 in a report on Thursday, March 23rd. Raymond James reduced their target price on shares of SouthState from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. StockNews.com lowered shares of SouthState from a “hold” rating to a “sell” rating in a report on Wednesday, March 15th. Keefe, Bruyette & Woods reduced their target price on shares of SouthState from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, January 31st. Finally, UBS Group started coverage on shares of SouthState in a report on Wednesday, March 15th. They set a “neutral” rating and a $79.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $90.50.
SouthState Company Profile
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.
Featured Articles
- Get a free copy of the StockNews.com research report on SouthState (SSB)
- MarketBeat Week in Review – 3/27 – 3/31
- What is a Gold IRA, and is it a Viable Investment?
- Is Braze Inc Ready To Rocket Higher?
- Mullen Automotive Makes Deliveries; Short-Squeeze Possible
- Can Frontline Maintain This Momentum?
Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Co. (NASDAQ:SSB – Get Rating).
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.
