SouthState Co. (NASDAQ:SSB) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in SouthState Co. (NASDAQ:SSB) by 6.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,768 shares of the bank’s stock after purchasing an additional 987 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in SouthState were worth $1,332,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SSB. NBC Securities Inc. purchased a new position in SouthState in the third quarter worth approximately $6,378,000. Great Lakes Advisors LLC purchased a new position in SouthState in the third quarter worth approximately $5,685,000. Envestnet Asset Management Inc. grew its position in 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 during the period. Comerica Bank grew its position in SouthState by 314.3% in the third quarter. Comerica Bank now owns 89,474 shares of the bank’s stock worth $6,027,000 after acquiring an additional 67,878 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in SouthState by 4.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock worth $79,974,000 after acquiring an additional 49,472 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity at SouthState

In related news, COO Renee R. Brooks sold 4,025 shares of SouthState stock in a transaction on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the transaction, the chief operating officer now directly owns 31,747 shares in the company, valued at $2,718,178.14. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction 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 sale, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the sale, the chief operating officer now owns 31,747 shares in the company, valued at $2,718,178.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,925 shares of company stock worth $988,686. Company insiders own 1.26% of the company’s stock.

SouthState Trading Down 1.4 %

SSB opened at $77.89 on Friday. SouthState Co. has a 52 week low of $59.51 and a 52 week high of $87.77. The business has a fifty day simple moving average of $81.55 and a 200-day simple moving average of $78.81. The firm has a market cap of $5.94 billion, a P/E ratio of 12.13 and a beta of 0.74. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06.

SouthState (NASDAQ:SSB) last released 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 analyst estimates of $414.32 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%. SouthState’s revenue was down 8.2% compared to the same quarter last year. During the same period last year, the business posted $1.93 earnings per share. On average, equities analysts expect that SouthState Co. will post 6.51 earnings per share for the current year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued 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 yield of 2.67%. SouthState’s dividend payout ratio (DPR) is presently 32.20%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. UBS Group increased their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. DA Davidson reiterated a “buy” rating and issued a $102.00 price objective (up from $96.00) on shares of SouthState in a research report on Monday, January 29th. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. Finally, Truist Financial lowered their price target on SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research report on Monday, April 1st. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $87.80.

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.