Rafferty Asset Management LLC Purchases 37,049 Shares of SouthState Co. (NASDAQ:SSB)

Rafferty Asset Management LLC increased its position in SouthState Co. (NASDAQ:SSBFree Report) by 55.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,990 shares of the bank’s stock after purchasing an additional 37,049 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.14% of SouthState worth $8,782,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC raised its position in shares of SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the last quarter. TFO Wealth Partners LLC increased its holdings in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares in the last quarter. Covestor Ltd raised its position in shares of SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after acquiring an additional 214 shares during the period. International Assets Investment Management LLC boosted its position in SouthState by 8,346.7% during the fourth 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 in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position 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 valued at $190,000 after buying an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Down 0.4 %

Shares of NASDAQ:SSB opened at $74.61 on Thursday. The company has a market cap of $5.68 billion, a price-to-earnings ratio of 11.52 and a beta of 0.71. SouthState Co. has a fifty-two week low of $63.36 and a fifty-two week high of $87.77. The firm’s 50-day simple moving average is $79.06 and its 200-day simple moving average is $80.79. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05.

SouthState (NASDAQ:SSBGet Free Report) last issued 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 company 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 firm’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period last year, the company posted $1.93 earnings per share. As a group, equities research analysts predict that SouthState Co. will post 6.34 earnings per share for the current year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were issued a $0.52 dividend. 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 (DPR) is 33.93%.

Wall Street Analyst Weigh In

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

Read Our Latest Research Report on SSB

Insider Activity

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value 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 approximately $2,902,068. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Richard Iv Murray sold 4,900 shares of the 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 transaction, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

SouthState 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.

See Also

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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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