Mesirow Institutional Investment Management Inc. Acquires 30,234 Shares of SouthState Co. (NASDAQ:SSB)

Mesirow Institutional Investment Management Inc. lifted its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 17.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 201,724 shares of the bank's stock after purchasing an additional 30,234 shares during the period. SouthState accounts for 1.4% of Mesirow Institutional Investment Management Inc.'s portfolio, making the stock its 19th largest position. Mesirow Institutional Investment Management Inc. owned 0.26% of SouthState worth $15,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of SSB. SageView Advisory Group LLC acquired a new position in SouthState during the 1st quarter valued at about $879,000. The Manufacturers Life Insurance Company boosted its stake in SouthState by 2.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 720,801 shares of the bank's stock valued at $60,872,000 after acquiring an additional 13,905 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank's stock worth $3,601,000 after acquiring an additional 19,138 shares during the period. Vanguard Group Inc. raised its position in shares of SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank's stock valued at $713,461,000 after acquiring an additional 54,147 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of SouthState in the 1st quarter valued at $2,754,000. Institutional investors own 89.76% of the company's stock.

SouthState Stock Down 0.6 %

SSB traded down $0.55 during trading on Wednesday, reaching $95.60. 310,211 shares of the stock were exchanged, compared to its average volume of 480,425. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The stock's 50 day moving average price is $88.52 and its two-hundred day moving average price is $82.49. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $101.32. The stock has a market cap of $7.28 billion, a P/E ratio of 15.78 and a beta of 0.68.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million during the quarter, compared to analysts' expectations of $418.08 million. During the same quarter last year, the company posted $1.63 earnings per share. SouthState's quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts expect that SouthState Co. will post 6.7 EPS for the current year.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a $0.54 dividend. This is a boost from SouthState's previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, August 9th. SouthState's dividend payout ratio is currently 35.24%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Truist Financial increased their price target on shares of SouthState from $81.00 to $109.00 and gave the company a "hold" rating in a research report on Monday, July 29th. Stephens lifted their price target on shares of SouthState from $88.00 to $101.00 and gave the stock an "equal weight" rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods upped their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. Piper Sandler raised their price objective on SouthState from $95.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 29th. Finally, DA Davidson boosted their target price on SouthState from $102.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, SouthState has a consensus rating of "Hold" and a consensus price target of $102.75.

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.