SouthState Co. (NASDAQ:SSB) Shares Purchased by BNP Paribas Financial Markets

BNP Paribas Financial Markets grew its position in SouthState Co. (NASDAQ:SSB - Free Report) by 116.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,119 shares of the bank's stock after purchasing an additional 18,917 shares during the quarter. BNP Paribas Financial Markets' holdings in SouthState were worth $3,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Waldron Private Wealth LLC purchased a new position in SouthState in the 3rd quarter worth approximately $35,000. GAMMA Investing LLC boosted its position in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock worth $47,000 after acquiring an additional 333 shares during the last quarter. UMB Bank n.a. lifted its stake in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after purchasing an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState during the 2nd quarter valued at about $97,000. Finally, Innealta Capital LLC purchased a new position in shares of SouthState during the second quarter valued at about $133,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SSB shares. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research note on Monday, October 28th. Hovde Group lowered shares of SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Citigroup began coverage on shares of SouthState in a research note on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price objective for the company. Piper Sandler increased their price target on shares of SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and set a $120.00 price objective (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $105.11.

Insider Activity at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the business's 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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

SouthState Trading Down 0.2 %

SouthState stock traded down $0.25 during trading hours on Thursday, hitting $110.75. The company had a trading volume of 682,645 shares, compared to its average volume of 491,941. The firm has a market cap of $8.45 billion, a P/E ratio of 17.09 and a beta of 0.69. The company has a 50-day moving average price of $102.53 and a two-hundred day moving average price of $91.73. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.26. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

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

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.95%. SouthState's dividend payout ratio is presently 33.33%.

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.