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

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 12.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 16,215 shares of the bank’s stock after acquiring an additional 1,807 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in SouthState were worth $1,239,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of SouthState by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock valued at $87,464,000 after purchasing an additional 21,160 shares during the last quarter. Ceredex Value Advisors LLC lifted its stake in SouthState by 13.8% during the second quarter. Ceredex Value Advisors LLC now owns 181,615 shares of the bank’s stock valued at $13,879,000 after buying an additional 22,000 shares in the last quarter. Raymond James & Associates boosted its holdings in shares of SouthState by 0.6% in the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares during the period. Blue Trust Inc. increased its position in shares of SouthState by 286.8% in the second quarter. Blue Trust Inc. now owns 4,526 shares of the bank’s stock worth $346,000 after acquiring an additional 3,356 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC raised its holdings in shares of SouthState by 8.3% during the second quarter. Hunter Perkins Capital Management LLC now owns 32,420 shares of the bank’s stock valued at $2,478,000 after acquiring an additional 2,490 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Stock Up 0.3 %

Shares of SouthState stock opened at $97.09 on Tuesday. The stock has a 50-day simple moving average of $88.07 and a 200-day simple moving average of $82.41. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $101.32. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 15.84 and a beta of 0.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping the consensus estimate of $1.54 by $0.25. The company had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 earnings per share. On average, equities research analysts expect that SouthState Co. will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is 35.24%.

Analyst Ratings Changes

Several research firms have weighed in on SSB. Truist Financial lifted their price objective on shares of SouthState from $81.00 to $109.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Stephens upped their price target on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. DA Davidson raised their price objective on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Piper Sandler lifted their target price on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Finally, Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a research report on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $102.75.

SouthState 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.