SouthState Co. (NASDAQ:SSB) Position Boosted by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,820,303 shares of the bank's stock after purchasing an additional 31,340 shares during the quarter. Geode Capital Management LLC owned about 2.39% of SouthState worth $176,931,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SSB. Waldron Private Wealth LLC acquired a new stake in shares of SouthState in the 3rd quarter valued at approximately $35,000. UMB Bank n.a. lifted its holdings in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after acquiring an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState in the second quarter valued at $97,000. Innealta Capital LLC purchased a new stake in shares of SouthState during the 2nd quarter worth $133,000. Finally, International Assets Investment Management LLC grew its stake in shares of SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock worth $142,000 after purchasing an additional 1,443 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Hovde Group downgraded SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. 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 note on Thursday, November 7th. Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 target price for the company. Piper Sandler raised their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Finally, Truist Financial reduced their target price on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research note on Monday, October 28th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $105.11.

SouthState Stock Down 0.2 %

SouthState stock traded down $0.26 during trading on Monday, reaching $108.45. 753,953 shares of the company's stock were exchanged, compared to its average volume of 491,846. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 16.78 and a beta of 0.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.26. The company's 50-day moving average is $104.17 and its two-hundred day moving average is $93.25.

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

SouthState Announces Dividend

The business 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 1.99%. SouthState's dividend payout ratio (DPR) is presently 33.33%.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the 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 sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 11.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business's 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 transaction, the insider now owns 33,328 shares of the company's stock, valued at $3,332,800. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company's stock.

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.