SouthState Co. (NASDAQ:SSB) Shares Bought by Fisher Asset Management LLC

Fisher Asset Management LLC grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 3.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 711,853 shares of the bank’s stock after purchasing an additional 25,495 shares during the quarter. Fisher Asset Management LLC owned approximately 0.93% of SouthState worth $69,178,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after purchasing an additional 371,987 shares during the period. F M Investments LLC acquired a new position in shares of SouthState during the second quarter worth approximately $7,303,000. Stieven Capital Advisors L.P. bought a new position in SouthState in the 3rd quarter worth approximately $9,086,000. Charles Schwab Investment Management Inc. increased its position in SouthState by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after acquiring an additional 72,181 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in SouthState during the 2nd quarter valued at $4,829,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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 transaction of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the subject of several recent analyst reports. Stephens increased their price target on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Truist Financial dropped their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Piper Sandler increased their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Citigroup assumed coverage on SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, SouthState has an average rating of “Hold” and an average price target of $105.11.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $112.25 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The company has a market capitalization of $8.56 billion, a PE ratio of 17.32 and a beta of 0.66. The stock has a fifty day moving average of $100.24 and a 200-day moving average of $89.98. SouthState Co. has a one year low of $70.68 and a one year high of $114.26.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. SouthState’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. As a group, equities analysts anticipate that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.92%. SouthState’s dividend payout ratio is currently 33.33%.

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.