Victory Capital Management Inc. Buys 45,176 Shares of SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. increased its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,802,373 shares of the bank's stock after buying an additional 45,176 shares during the quarter. Victory Capital Management Inc. owned about 3.68% of SouthState worth $214,157,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in SouthState during the fourth quarter worth about $75,485,000. Franklin Resources Inc. grew its stake in shares of SouthState by 26.8% in the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank's stock valued at $186,485,000 after buying an additional 466,144 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in SouthState by 270.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank's stock valued at $30,075,000 after purchasing an additional 258,168 shares in the last quarter. Capital World Investors grew its stake in SouthState by 31.8% during the 4th quarter. Capital World Investors now owns 620,510 shares of the bank's stock valued at $52,402,000 after purchasing an additional 149,745 shares in the last quarter. Finally, Capital International Investors grew its stake in SouthState by 24.2% during the 4th quarter. Capital International Investors now owns 596,520 shares of the bank's stock valued at $50,376,000 after purchasing an additional 116,313 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SSB shares. Keefe, Bruyette & Woods increased their target price on SouthState from $95.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, July 29th. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Hovde Group raised their price target on SouthState from $97.00 to $112.00 and gave the stock an "outperform" rating in a report on Monday, July 29th. Raymond James raised SouthState from a "market perform" rating to an "outperform" rating and set a $90.00 price target on the stock in a report on Tuesday, May 21st. Finally, Stephens raised their price target on SouthState from $88.00 to $101.00 and gave the stock an "equal weight" rating in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $102.75.

SouthState Stock Down 2.1 %

NASDAQ:SSB traded down $2.04 during trading hours on Friday, hitting $93.33. 251,990 shares of the company's stock traded hands, compared to its average volume of 478,049. The firm has a market cap of $7.11 billion, a P/E ratio of 15.23 and a beta of 0.68. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $101.32. 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 fifty day moving average price is $89.72 and its two-hundred day moving average price is $82.72.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. SouthState's quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.63 earnings per share. On average, research analysts expect that SouthState Co. will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were paid a $0.54 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.31%. This is an increase from SouthState's previous quarterly dividend of $0.23. SouthState's payout ratio is 35.24%.

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.