Mirae Asset Global Investments Co. Ltd. Raises Stake in SouthState Co. (NASDAQ:SSB)

Mirae Asset Global Investments Co. Ltd. raised its position in shares of SouthState Co. (NASDAQ:SSB) by 2.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,658 shares of the bank’s stock after purchasing an additional 982 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in SouthState were worth $2,927,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SSB. BlackRock Inc. raised its position in shares of SouthState by 65.4% during the first quarter. BlackRock Inc. now owns 8,927,017 shares of the bank’s stock valued at $636,139,000 after buying an additional 3,528,828 shares during the last quarter. Bank of America Corp DE raised its position in shares of SouthState by 166.6% during the first quarter. Bank of America Corp DE now owns 2,017,648 shares of the bank’s stock valued at $143,778,000 after buying an additional 1,260,884 shares during the last quarter. Morgan Stanley raised its position in shares of SouthState by 666.6% during the fourth quarter. Morgan Stanley now owns 1,329,194 shares of the bank’s stock valued at $101,497,000 after buying an additional 1,155,800 shares during the last quarter. Vanguard Group Inc. raised its position in shares of SouthState by 16.4% during the first quarter. Vanguard Group Inc. now owns 7,914,710 shares of the bank’s stock valued at $645,762,000 after buying an additional 1,114,653 shares during the last quarter. Finally, State Street Corp raised its position in shares of SouthState by 45.6% during the first quarter. State Street Corp now owns 3,402,771 shares of the bank’s stock valued at $242,481,000 after buying an additional 1,066,192 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. 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 report on Monday, January 29th. DA Davidson reiterated a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Truist Financial reduced their price target on shares of SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Finally, Raymond James cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. One 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $87.80.

Insiders Place Their Bets

In other SouthState 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 transaction of $401,065.00. Following the completion of the transaction, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s 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 directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The disclosure for this sale can be found here. Insiders sold 11,925 shares of company stock valued at $988,686 over the last three months. 1.70% of the stock is owned by company insiders.

SouthState Trading Down 0.6 %

Shares of SSB opened at $75.99 on Thursday. The company’s fifty day moving average is $81.92 and its 200 day moving average is $78.38. SouthState Co. has a fifty-two week low of $59.51 and a fifty-two week high of $87.77. The stock has a market capitalization of $5.79 billion, a PE 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.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.13. The company had revenue of $419.72 million for 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%. Sell-side analysts expect that SouthState Co. will post 6.63 earnings per share for the current fiscal year.

SouthState Dividend Announcement

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

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.