Van ECK Associates Corp Has $4.22 Million Stake in SouthState Co. (NASDAQ:SSB)

Van ECK Associates Corp grew its position in SouthState Co. (NASDAQ:SSB - Free Report) by 40.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,646 shares of the bank's stock after purchasing an additional 12,471 shares during the quarter. Van ECK Associates Corp owned approximately 0.06% of SouthState worth $4,218,000 at the end of the most recent reporting period.

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

SouthState Price Performance

Shares of NASDAQ SSB traded up $1.22 during trading on Friday, hitting $108.39. The company had a trading volume of 423,365 shares, compared to its average volume of 540,881. The business's 50-day moving average is $97.71 and its 200 day moving average is $87.86. SouthState Co. has a 52 week low of $67.72 and a 52 week high of $111.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.92. The company has a market cap of $8.27 billion, a P/E ratio of 16.06 and a beta of 0.66.

SouthState (NASDAQ:SSB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company's revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. Equities research analysts predict that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Friday, November 8th. SouthState's dividend payout ratio is 33.33%.

Insider Activity at SouthState

In related news, 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 value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated 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 of the company's stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SSB shares. Piper Sandler raised their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Citigroup assumed coverage on shares of SouthState in a research note on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price objective on the stock. 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. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $120.00 price objective (up from $115.00) on shares of SouthState in a research report on Thursday. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $105.11.

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.