Charles Schwab Investment Management Inc. Has $96 Million Stake in SouthState Co. (NASDAQ:SSB)

Charles Schwab Investment Management Inc. lifted its holdings in shares of SouthState Co. (NASDAQ:SSB) by 7.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 987,849 shares of the bank’s stock after purchasing an additional 72,181 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in SouthState were worth $95,999,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Waldron Private Wealth LLC acquired a new stake in SouthState during the 3rd quarter worth approximately $35,000. GAMMA Investing LLC increased its position in shares of 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 in the last quarter. UMB Bank n.a. raised its holdings in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState in the 2nd quarter valued at $97,000. Finally, Innealta Capital LLC acquired a new position in SouthState in the 2nd quarter worth $133,000. Institutional investors own 89.76% of the company’s stock.

SouthState Price Performance

Shares of SSB opened at $111.18 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $100.53 and its 200 day simple moving average is $90.20. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The company has a market cap of $8.48 billion, a price-to-earnings ratio of 17.17 and a beta of 0.66.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the business earned $1.62 EPS. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. On average, research analysts forecast that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders 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 dividend yield of 1.94%. SouthState’s dividend payout ratio is currently 33.33%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Stephens boosted their target price on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Truist Financial decreased their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Piper Sandler boosted their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $105.11.

Insider Buying and Selling

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents 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 SouthState stock in a transaction that occurred on 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 directly owns 36,964 shares of the company’s stock, valued at approximately $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. 1.70% of the stock is owned by insiders.

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.