SouthState Co. (NASDAQ:SSB) Position Boosted by UMB Bank n.a.

UMB Bank n.a. lifted its stake in shares of SouthState Co. (NASDAQ:SSB) by 53.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 548 shares of the bank’s stock after purchasing an additional 192 shares during the period. UMB Bank n.a.’s holdings in SouthState were worth $53,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Chicago Partners Investment Group LLC acquired a new stake in SouthState during the fourth quarter worth about $215,000. Teachers Retirement System of The State of Kentucky raised its stake in SouthState by 6.1% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 53,767 shares of the bank’s stock worth $4,540,000 after acquiring an additional 3,083 shares during the period. Virtu Financial LLC acquired a new stake in SouthState during the fourth quarter worth about $349,000. Vanguard Group Inc. increased its stake 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 purchasing an additional 54,147 shares during the period. Finally, Red Spruce Capital LLC increased its stake in shares of SouthState by 2.1% in the first quarter. Red Spruce Capital LLC now owns 30,070 shares of the bank’s stock valued at $2,557,000 after purchasing an additional 605 shares during the period. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were 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 of the company’s stock, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

SouthState Trading Up 1.4 %

Shares of NASDAQ:SSB opened at $100.42 on Tuesday. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 16.38 and a beta of 0.67. SouthState Co. has a 1-year low of $63.36 and a 1-year high of $102.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The company has a 50 day moving average price of $94.45 and a 200 day moving average price of $85.24.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $1.63 earnings per share. On average, research analysts anticipate that SouthState Co. will post 6.69 EPS for the current fiscal year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were paid a $0.54 dividend. This is a positive change from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.15%. SouthState’s dividend payout ratio (DPR) is currently 35.24%.

Wall Street Analyst Weigh In

SSB has been the topic of several analyst reports. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Hovde Group raised their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, Truist Financial increased their price objective on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.89.

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.