Loomis Sayles & Co. L P Has $18.32 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Loomis Sayles & Co. L P lowered its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 3.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,562 shares of the bank's stock after selling 7,191 shares during the period. Loomis Sayles & Co. L P owned approximately 0.25% of SouthState worth $18,324,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new position in SouthState during the 3rd quarter valued at $35,000. GAMMA Investing LLC lifted its holdings in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock valued at $47,000 after buying an additional 333 shares during the period. UMB Bank n.a. boosted its stake in SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after buying an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in SouthState during the second quarter worth about $97,000. Finally, Innealta Capital LLC bought a new stake in SouthState in the second quarter worth about $133,000. Institutional investors own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SSB. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price objective for the company. Hovde Group lowered SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price target on SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $120.00 price objective (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Stephens lifted their target price on shares of SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $105.11.

Insider Buying and Selling

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

SouthState Stock Down 0.7 %

Shares of SouthState stock opened at $111.18 on Wednesday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The stock has a market capitalization of $8.48 billion, a P/E ratio of 16.13 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. The stock has a 50 day moving average price of $100.53 and a two-hundred day moving average price 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 analysts' consensus estimates of $1.64 by $0.26. The business 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%. SouthState's revenue was down .4% compared to the same quarter last year. During the same period last year, the business posted $1.62 EPS. Equities analysts expect 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. Investors of record on Friday, November 8th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Friday, November 8th. SouthState's dividend payout ratio (DPR) is currently 33.33%.

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.