Van ECK Associates Corp Increases Stake in SouthState Co. (NASDAQ:SSB)

Van ECK Associates Corp raised its holdings in shares of SouthState Co. (NASDAQ:SSB) by 36.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,601 shares of the bank’s stock after purchasing an additional 5,263 shares during the quarter. Van ECK Associates Corp’s holdings in SouthState were worth $1,655,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its holdings in SouthState by 50.5% in the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after buying an additional 214 shares during the period. International Assets Investment Management LLC raised its stake in shares of SouthState by 8,346.7% during the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after purchasing an additional 1,252 shares during the period. Nisa Investment Advisors LLC lifted its holdings in SouthState by 10.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after purchasing an additional 205 shares in the last quarter. Abacus Planning Group Inc. bought a new position in SouthState in the 4th quarter worth about $203,000. Finally, Builder Investment Group Inc. ADV bought a new position in SouthState in the 4th quarter worth about $205,000. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the transaction, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SSB shares. UBS Group raised their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. DA Davidson restated a “buy” rating and set a $102.00 price target (up from $96.00) on shares of SouthState in a research report on Monday, January 29th. Piper Sandler lowered their price objective on SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Finally, Truist Financial dropped their price objective on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday, April 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.17.

SouthState Trading Up 0.1 %

NASDAQ SSB opened at $80.74 on Thursday. The stock’s 50-day simple moving average is $80.65 and its two-hundred day simple moving average is $79.55. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 13.17 and a beta of 0.75. SouthState Co. has a twelve month low of $59.84 and a twelve month high of $87.77. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.03. The business had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company’s revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.93 earnings per share. Research analysts forecast that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is currently 33.93%.

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.