SouthState Co. (NASDAQ:SSB) Shares Bought by Stifel Financial Corp

Stifel Financial Corp raised its position in SouthState Co. (NASDAQ:SSB) by 10.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,573 shares of the bank’s stock after acquiring an additional 6,062 shares during the period. Stifel Financial Corp owned approximately 0.08% of SouthState worth $6,178,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of SouthState by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after buying an additional 371,987 shares during the period. Victory Capital Management Inc. lifted its stake in shares of SouthState by 1.6% during the second 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 shares of SouthState by 2.4% during the second quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after buying an additional 39,492 shares during the period. Earnest Partners LLC lifted its stake in shares of SouthState by 2.8% during the second quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock worth $114,197,000 after buying an additional 40,879 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of SouthState by 1.9% during 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. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Up 0.8 %

SSB stock opened at $108.71 on Friday. The stock has a market capitalization of $8.29 billion, a P/E ratio of 16.78 and a beta of 0.69. The firm has a 50-day simple moving average of $104.17 and a 200-day simple moving average of $93.01. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.26.

SouthState (NASDAQ:SSB) last released its 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. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same quarter in the previous year, the company earned $1.62 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. Equities analysts forecast that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 1.99%. SouthState’s dividend payout ratio is presently 33.33%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Citigroup assumed coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Truist Financial decreased their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Finally, Piper Sandler boosted their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, SouthState has an average rating of “Moderate Buy” and a consensus target price of $105.11.

Insider Activity at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

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.