Stifel Financial Corp Purchases 6,062 Shares of SouthState Co. (NASDAQ:SSB)

Stifel Financial Corp grew its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 10.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,573 shares of the bank's stock after buying an additional 6,062 shares during the period. Stifel Financial Corp owned 0.08% of SouthState worth $6,178,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SSB. NFJ Investment Group LLC boosted its stake in SouthState by 17.1% in the 3rd quarter. NFJ Investment Group LLC now owns 51,929 shares of the bank's stock worth $5,046,000 after purchasing an additional 7,598 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of SouthState by 7.6% in the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock worth $1,083,000 after purchasing an additional 787 shares in the last quarter. Paloma Partners Management Co purchased a new position in shares of SouthState in the third quarter worth $243,000. Captrust Financial Advisors boosted its position in shares of SouthState by 8.3% during the third quarter. Captrust Financial Advisors now owns 18,077 shares of the bank's stock valued at $1,757,000 after buying an additional 1,383 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in SouthState by 64.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank's stock worth $25,809,000 after buying an additional 103,756 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insider Activity at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company's stock in a transaction dated 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 sale, the insider now directly owns 33,328 shares of the company's stock, valued at $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

Analysts Set New Price Targets

SSB has been the topic of a number of analyst reports. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price target on the stock. Hovde Group downgraded shares of SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Finally, Stephens raised SouthState from an "equal weight" rating to an "overweight" rating in a research note on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $105.11.

SouthState Price Performance

Shares of SouthState stock traded up $0.84 on Friday, hitting $108.71. 571,293 shares of the company were exchanged, compared to its average volume of 490,759. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. 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 company has a 50-day moving average price of $104.17 and a 200 day moving average price of $93.01. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 16.78 and a beta of 0.69.

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

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Friday, November 8th. SouthState's dividend payout ratio (DPR) is 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.