Fisher Asset Management LLC Has $69.18 Million Holdings in SouthState Co. (NASDAQ:SSB)

Fisher Asset Management LLC increased its stake in shares of SouthState Co. (NASDAQ:SSB) by 3.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 711,853 shares of the bank’s stock after acquiring an additional 25,495 shares during the period. Fisher Asset Management LLC’s holdings in SouthState were worth $69,178,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SSB. Waldron Private Wealth LLC acquired a new stake in shares of SouthState in the third quarter worth $35,000. GAMMA Investing LLC boosted its stake in SouthState by 120.7% during 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 period. UMB Bank n.a. grew its stake in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in SouthState during the second quarter worth $97,000. Finally, Innealta Capital LLC acquired a new position in SouthState during the 2nd quarter valued at $133,000. 89.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SSB has been the topic of a number of recent research reports. Stephens lifted their target price on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Citigroup started coverage on shares of SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Piper Sandler raised their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Truist Financial lowered their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $105.11.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated 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 owns 36,964 shares of the company’s stock, valued at $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. 1.70% of the stock is owned by company insiders.

SouthState Stock Performance

SouthState stock opened at $112.25 on Tuesday. 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 stock has a market capitalization of $8.56 billion, a price-to-earnings ratio of 17.32 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 stock has a 50-day simple moving average of $100.24 and a 200 day simple moving average of $89.98.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same quarter last year, the business posted $1.62 earnings per share. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. On average, research analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently declared 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. This represents a $2.16 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

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.