Allspring Global Investments Holdings LLC Has $101.91 Million Stake in SouthState Co. (NASDAQ:SSB)

Allspring Global Investments Holdings LLC cut its stake in SouthState Co. (NASDAQ:SSB) by 8.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,048,617 shares of the bank’s stock after selling 95,896 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SouthState were worth $101,905,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. grew its position in SouthState by 0.6% in the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares in the last quarter. Raymond James & Associates grew 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 valued at $1,631,000 after acquiring an additional 126 shares in the last quarter. UMB Bank n.a. increased its position in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares during the last quarter. GAMMA Investing LLC lifted its holdings in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in SouthState by 3.7% during the second quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock worth $742,000 after acquiring an additional 344 shares during the period. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SSB shares. Keefe, Bruyette & Woods boosted their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Stephens boosted their target price on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Truist Financial raised their price target on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Hovde Group upped their price objective on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, DA Davidson raised their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $102.89.

SouthState Trading Down 1.5 %

Shares of SSB stock opened at $101.43 on Monday. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $103.82. The company’s fifty day simple moving average is $95.55 and its two-hundred day simple moving average is $85.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $7.73 billion, a price-to-earnings ratio of 16.55 and a beta of 0.67.

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

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a $0.54 dividend. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is 35.24%.

About SouthState

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.