BNP PARIBAS ASSET MANAGEMENT Holding S.A. Acquires 41,874 Shares of SouthState Co. (NASDAQ:SSB)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 33.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 165,356 shares of the bank's stock after purchasing an additional 41,874 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned about 0.22% of SouthState worth $16,070,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its position in SouthState by 234.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank's stock worth $2,003,000 after purchasing an additional 18,374 shares during the period. BIP Wealth LLC raised its stake in shares of SouthState by 605.2% in the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock valued at $3,054,000 after buying an additional 26,966 shares in the last quarter. Mesirow Institutional Investment Management Inc. lifted its holdings in shares of SouthState by 17.6% during the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank's stock worth $15,416,000 after acquiring an additional 30,234 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of SouthState by 1.9% during 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 in the last quarter. Finally, Stieven Capital Advisors L.P. bought a new stake in SouthState in the third quarter valued at about $9,086,000. Institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on SSB. Keefe, Bruyette & Woods restated an "outperform" rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Truist Financial cut their target price on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research report on Monday, October 28th. Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Finally, Stephens boosted their target price on shares of SouthState from $101.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $105.11.

SouthState Price Performance

Shares of SouthState stock traded up $2.17 during trading on Friday, reaching $109.00. The company's stock had a trading volume of 678,386 shares, compared to its average volume of 564,756. The stock has a 50-day moving average price of $100.24 and a two-hundred day moving average price of $89.98. The stock has a market capitalization of $8.32 billion, a P/E ratio of 16.82 and a beta of 0.66. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a one year low of $70.68 and a one year high of $113.14.

SouthState (NASDAQ:SSB - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.64 by $0.26. The company 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 quarterly revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business earned $1.62 earnings per share. As a group, sell-side analysts anticipate that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 1.98%. SouthState's payout ratio is 33.33%.

Insiders Place Their Bets

In related news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 transaction, the insider now owns 33,328 shares of the company's stock, valued at $3,332,800. This trade represents a 6.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the 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 completion of 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 disclosure for this sale can be found here. Company insiders own 1.26% of the company's stock.

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.