SouthState Co. (NASDAQ:SSB) Shares Bought by Vanguard Personalized Indexing Management LLC

Vanguard Personalized Indexing Management LLC lifted its position in SouthState Co. (NASDAQ:SSB) by 34.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,310 shares of the bank’s stock after buying an additional 1,099 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in SouthState were worth $329,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of SouthState by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after buying an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after purchasing an additional 371,987 shares in the last quarter. Victory Capital Management Inc. raised its holdings in SouthState by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after buying an additional 45,176 shares during the period. American Century Companies Inc. lifted its stake in SouthState by 2.4% during the second quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after buying an additional 39,492 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of SouthState by 1.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock worth $87,464,000 after buying an additional 21,160 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Price Performance

SSB opened at $95.75 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $102.82. The stock has a fifty day moving average price of $94.16 and a 200 day moving average price of $84.09. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 15.62 and a beta of 0.67.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.63 earnings per share. Analysts forecast that SouthState Co. will post 6.69 EPS for the current fiscal year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.26%. This is an increase from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is currently 35.24%.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The transaction was disclosed in a filing with the SEC, which is available through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SSB has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price target on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. DA Davidson increased their target price on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Truist Financial lifted their price target on SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. Hovde Group increased their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, Stephens lifted their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.00.

SouthState Company 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.