Corient Private Wealth LLC Increases Stake in SouthState Co. (NASDAQ:SSB)

Corient Private Wealth LLC grew its position in shares of SouthState Co. (NASDAQ:SSBFree Report) by 54.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,189 shares of the bank’s stock after buying an additional 3,936 shares during the quarter. Corient Private Wealth LLC’s holdings in SouthState were worth $945,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Covestor Ltd grew its stake in shares of SouthState by 50.5% during the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after purchasing an additional 214 shares during the period. International Assets Investment Management LLC grew its stake in shares of SouthState by 8,346.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after purchasing an additional 1,252 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of SouthState by 10.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after purchasing an additional 205 shares during the period. Abacus Planning Group Inc. acquired a new position in shares of SouthState during the 4th quarter worth $203,000. Finally, Builder Investment Group Inc. ADV acquired a new position in shares of SouthState during the 4th quarter worth $205,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

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

SouthState Price Performance

SouthState stock opened at $76.10 on Tuesday. SouthState Co. has a 12-month low of $63.36 and a 12-month high of $87.77. The stock has a market capitalization of $5.80 billion, a P/E ratio of 12.41 and a beta of 0.71. The firm’s 50-day moving average is $79.47 and its two-hundred day moving average is $80.83. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.90 and a quick ratio of 0.89.

SouthState (NASDAQ:SSBGet Free Report) last released its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. During the same period last year, the company earned $1.93 EPS. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. Equities analysts predict that SouthState Co. will post 6.34 earnings per share for the current year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.73%. SouthState’s dividend payout ratio is currently 33.93%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SSB shares. Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research note on Tuesday, May 21st. Keefe, Bruyette & Woods increased their price objective on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, May 28th. Piper Sandler increased their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Finally, Truist Financial lowered their price objective on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, April 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, SouthState presently has a consensus rating of “Hold” and an average target price of $91.00.

View Our Latest Stock Analysis on SSB

SouthState Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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