Charles Schwab Investment Management Inc. Increases Position in SouthState Co. (NASDAQ:SSB)

Charles Schwab Investment Management Inc. raised its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 7.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 987,849 shares of the bank's stock after buying an additional 72,181 shares during the period. Charles Schwab Investment Management Inc. owned about 1.29% of SouthState worth $95,999,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in shares of SouthState by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank's stock worth $4,234,000 after buying an additional 2,899 shares during the last quarter. Hancock Whitney Corp bought a new stake in SouthState in the first quarter valued at $564,000. Red Spruce Capital LLC increased its position in SouthState by 10.2% during the 2nd quarter. Red Spruce Capital LLC now owns 33,135 shares of the bank's stock valued at $2,532,000 after purchasing an additional 3,065 shares during the period. GAMMA Investing LLC raised its holdings in SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock worth $47,000 after purchasing an additional 333 shares in the last quarter. Finally, NBC Securities Inc. lifted its position in shares of SouthState by 1.6% in the 2nd quarter. NBC Securities Inc. now owns 96,194 shares of the bank's stock worth $7,351,000 after purchasing an additional 1,529 shares during the period. Institutional investors own 89.76% of the company's stock.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 6.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer now owns 36,964 shares of the company's stock, valued at $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

SouthState Stock Down 0.7 %

SouthState stock 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. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The firm has a market cap of $8.48 billion, a price-to-earnings ratio of 17.16 and a beta of 0.66. The stock has a fifty day simple moving average of $100.53 and a two-hundred day simple moving average of $90.20.

SouthState (NASDAQ:SSB - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating 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 business had revenue of $426.41 million for the quarter, compared to analysts' expectations of $429.47 million. During the same quarter in the prior year, the business earned $1.62 EPS. The business's revenue for the quarter was down .4% compared to the same quarter last year. Equities analysts predict that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Friday, November 8th. SouthState's dividend payout ratio (DPR) is presently 33.33%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SSB. Stephens increased their price target on shares of SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target on the stock. 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. Finally, Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a report 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. Based on data from MarketBeat.com, SouthState presently has an average rating of "Hold" and an average target price of $105.11.

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.