Thrivent Financial for Lutherans Has $3.78 Million Position in SouthState Co. (NASDAQ:SSB)

Thrivent Financial for Lutherans lifted its position in SouthState Co. (NASDAQ:SSB) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,875 shares of the bank’s stock after acquiring an additional 601 shares during the period. Thrivent Financial for Lutherans’ holdings in SouthState were worth $3,778,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nicholas Hoffman & Company LLC. raised its holdings in SouthState by 0.6% in the second 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 during the period. Raymond James & Associates raised its stake in SouthState by 0.6% during the 2nd 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. Chicago Partners Investment Group LLC lifted its holdings in SouthState by 7.0% during the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after acquiring an additional 186 shares in the last quarter. UMB Bank n.a. grew its stake in SouthState by 53.9% in 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 period. Finally, KBC Group NV increased its holdings in shares of SouthState by 16.3% in the third quarter. KBC Group NV now owns 2,296 shares of the bank’s stock worth $223,000 after acquiring an additional 321 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SSB. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens upped their price target on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Truist Financial dropped their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Piper Sandler upped their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Citigroup assumed coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $105.11.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were 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 approximately $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the 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 owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 11.91 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $109.00 on Monday. SouthState Co. has a one year low of $70.68 and a one year high of $113.14. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 16.82 and a beta of 0.66. The stock’s fifty day moving average price is $100.24 and its two-hundred day moving average price is $89.98. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. SouthState’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.62 EPS. On average, equities analysts forecast that SouthState Co. will post 6.94 EPS for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 1.98%. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

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.