Strs Ohio Has $8.02 Million Stake in SouthState Co. (NASDAQ:SSB)

Strs Ohio increased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 1.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,956 shares of the bank’s stock after buying an additional 1,200 shares during the period. Strs Ohio owned 0.12% of SouthState worth $8,019,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Covestor Ltd boosted its position in shares of SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after purchasing an additional 214 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in SouthState by 37.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after acquiring an additional 161 shares in the last quarter. Ensign Peak Advisors Inc acquired a new position in SouthState in the first quarter valued at about $54,000. Lazard Asset Management LLC bought a new stake in shares of SouthState in the first quarter worth about $76,000. Finally, International Assets Investment Management LLC raised its position in shares of SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after purchasing an additional 1,252 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SSB has been the subject of several research analyst reports. UBS Group boosted their price objective on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Truist Financial lowered their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Raymond James cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. Finally, DA Davidson reiterated a “buy” rating and set a $102.00 target price (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $87.80.

SouthState Trading Down 0.6 %

SouthState stock opened at $75.99 on Thursday. SouthState Co. has a one year low of $59.51 and a one year high of $87.77. The company has a market cap of $5.79 billion, a price-to-earnings ratio of 11.76 and a beta of 0.74. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a 50-day moving average of $81.92 and a 200-day moving average of $78.38.

SouthState (NASDAQ:SSB) last issued its earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.13. The business had revenue of $419.72 million for the quarter, compared to the consensus estimate of $419.08 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%. On average, equities analysts expect that SouthState Co. will post 6.63 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Friday, February 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 2.74%. SouthState’s dividend payout ratio (DPR) is currently 32.20%.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Renee R. Brooks sold 4,025 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $85.62, for a total value of $344,620.50. Following the transaction, the chief operating officer now owns 31,747 shares in the company, valued at approximately $2,718,178.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,925 shares of company stock worth $988,686. Company insiders own 1.70% of the company’s stock.

SouthState Company 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.