Intech Investment Management LLC Buys Shares of 16,519 SouthState Co. (NASDAQ:SSB)

Intech Investment Management LLC bought a new stake in SouthState Co. (NASDAQ:SSB - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 16,519 shares of the bank's stock, valued at approximately $1,605,000.

A number of other large investors have also recently modified their holdings of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of SouthState by 33.9% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 165,356 shares of the bank's stock valued at $16,070,000 after purchasing an additional 41,874 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of SouthState by 3.8% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank's stock valued at $60,454,000 after acquiring an additional 22,855 shares during the last quarter. BIP Wealth LLC lifted its stake in shares of SouthState by 605.2% in the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock valued at $3,054,000 after acquiring an additional 26,966 shares during the last quarter. Caprock Group LLC bought a new position in shares of SouthState in the 3rd quarter valued at $236,000. Finally, LMR Partners LLP bought a new position in shares of SouthState in the 3rd quarter worth about $645,000. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Stock Down 0.7 %

SSB stock traded down $0.75 during mid-day trading on Tuesday, reaching $111.18. 670,516 shares of the company traded hands, compared to its average volume of 489,332. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of 17.17 and a beta of 0.66. 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 fifty-two week low of $70.68 and a fifty-two week high of $114.26. The firm's 50 day moving average price is $100.53 and its 200 day moving average price is $90.20.

SouthState (NASDAQ:SSB - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the previous year, the business earned $1.62 EPS. The company's revenue was down .4% compared to the same quarter last year. As a group, equities research analysts predict that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

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 $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.94%. SouthState's payout ratio is presently 33.33%.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research analyst reports. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $120.00 price objective (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They issued a "neutral" rating and a $102.00 target price for the company. Piper Sandler raised their target price on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Stephens raised 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. Finally, Hovde Group downgraded SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $105.11.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company's stock, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This trade represents a 11.91 % decrease in their position. The disclosure for this sale can be found here. 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.