Catalyst Funds Management Pty Ltd Invests $2.43 Million in SouthState Bank Corporation $SSB

Catalyst Funds Management Pty Ltd purchased a new stake in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 26,400 shares of the company’s stock, valued at approximately $2,430,000. SouthState Bank accounts for about 0.7% of Catalyst Funds Management Pty Ltd’s holdings, making the stock its 29th biggest holding.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its position in SouthState Bank by 31.2% in the first quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock worth $1,028,406,000 after acquiring an additional 2,637,786 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of SouthState Bank by 34.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock worth $422,915,000 after purchasing an additional 1,164,348 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of SouthState Bank by 0.3% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the company’s stock valued at $322,949,000 after purchasing an additional 11,728 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of SouthState Bank by 14.4% in the first quarter. American Century Companies Inc. now owns 1,769,537 shares of the company’s stock valued at $164,249,000 after purchasing an additional 222,818 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in SouthState Bank by 38.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company’s stock worth $133,407,000 after buying an additional 397,371 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SSB. Citigroup reduced their price target on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 27th. UBS Group dropped their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Hovde Group lifted their price objective on SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. DA Davidson lowered their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Finally, Cowen assumed coverage on SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, SouthState Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.31.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $87.10 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The company’s fifty day moving average is $94.57. The firm has a market cap of $8.76 billion, a PE ratio of 11.98 and a beta of 0.77. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $114.26.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.38. The business had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same period in the prior year, the business earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s payout ratio is presently 33.01%.

Insider Buying and Selling

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. The trade was a 13.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company’s stock.

About SouthState Bank

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.