Advisory Services Network LLC Invests $200,000 in SouthState Co. (NASDAQ:SSB)

Advisory Services Network LLC acquired a new position in shares of SouthState Co. (NASDAQ:SSBFree Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,363 shares of the bank’s stock, valued at approximately $200,000.

Several other institutional investors and hedge funds have also made changes to their positions in SSB. Norges Bank acquired a new stake in shares of SouthState during the fourth quarter worth $75,485,000. Franklin Resources Inc. lifted its position in SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after purchasing an additional 466,144 shares during the period. Dimensional Fund Advisors LP lifted its position in SouthState by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,882,211 shares of the bank’s stock valued at $243,408,000 after purchasing an additional 94,637 shares during the period. Envestnet Asset Management Inc. lifted its position in SouthState by 112.5% during the third quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock valued at $9,689,000 after purchasing an additional 76,153 shares during the period. Finally, Comerica Bank lifted its position in SouthState by 314.3% during the third quarter. Comerica Bank now owns 89,474 shares of the bank’s stock valued at $6,027,000 after purchasing an additional 67,878 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of research reports. Piper Sandler boosted their target price on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Truist Financial decreased their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, April 29th. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a research report on Tuesday, May 21st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, May 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $91.00.

Get Our Latest Report on SouthState

Insider Transactions at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of the business’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 completion of the sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Richard Iv Murray sold 4,900 shares of the business’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 transaction, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

SouthState Stock Down 0.4 %

SSB opened at $74.61 on Thursday. SouthState Co. has a fifty-two week low of $63.36 and a fifty-two week high of $87.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90. The company has a fifty day moving average of $79.06 and a two-hundred day moving average of $80.79. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 12.17 and a beta of 0.71.

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

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.79%. SouthState’s dividend payout ratio is currently 33.93%.

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.

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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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