Fisher Asset Management LLC Purchases 25,495 Shares of SouthState Co. (NASDAQ:SSB)

Fisher Asset Management LLC raised its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 3.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 711,853 shares of the bank's stock after buying an additional 25,495 shares during the period. Fisher Asset Management LLC owned 0.93% of SouthState worth $69,178,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank's stock valued at $254,394,000 after buying an additional 371,987 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of SouthState by 1.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank's stock valued at $214,157,000 after acquiring an additional 45,176 shares during the period. American Century Companies Inc. grew its position in shares of SouthState by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank's stock valued at $128,831,000 after acquiring an additional 39,492 shares during the period. Earnest Partners LLC grew its position in shares of SouthState by 2.8% in the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank's stock valued at $114,197,000 after acquiring an additional 40,879 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of SouthState by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank's stock valued at $87,464,000 after acquiring an additional 21,160 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the company'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 transaction of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 6.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the business's 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 $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.

SouthState Stock Performance

NASDAQ SSB traded down $0.75 during trading on Tuesday, reaching $111.18. The company's stock had a trading volume of 670,516 shares, compared to its average volume of 489,332. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $8.48 billion, a price-to-earnings ratio of 17.17 and a beta of 0.66. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The firm has a 50 day moving average price of $100.53 and a 200 day moving average price of $90.20.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analysts' expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business's revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.62 EPS. As a group, equities analysts anticipate that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

SouthState 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.