Brown Brothers Harriman & Co. Buys 3,786 Shares of SouthState Co. (NASDAQ:SSB)

Brown Brothers Harriman & Co. increased its stake in SouthState Co. (NASDAQ:SSBGet Rating) by 22.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,007 shares of the bank’s stock after buying an additional 3,786 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in SouthState were worth $1,714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in SouthState by 16.4% in the first quarter. Vanguard Group Inc. now owns 7,914,710 shares of the bank’s stock valued at $645,762,000 after buying an additional 1,114,653 shares during the period. BlackRock Inc. raised its stake in SouthState by 3.6% in the 1st quarter. BlackRock Inc. now owns 6,329,638 shares of the bank’s stock valued at $516,435,000 after acquiring an additional 220,760 shares during the period. Select Equity Group L.P. lifted its holdings in SouthState by 4.4% during the 4th quarter. Select Equity Group L.P. now owns 3,430,784 shares of the bank’s stock valued at $274,840,000 after purchasing an additional 143,594 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in SouthState by 19.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,710,692 shares of the bank’s stock worth $221,171,000 after purchasing an additional 444,423 shares during the period. Finally, Geode Capital Management LLC boosted its position in SouthState by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 1,234,180 shares of the bank’s stock worth $98,870,000 after purchasing an additional 22,312 shares during the period. 86.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SSB has been the subject of several research analyst reports. Truist Financial lifted their target price on shares of SouthState from $90.00 to $97.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Keefe, Bruyette & Woods upgraded SouthState from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $94.00 to $100.00 in a research note on Thursday, June 2nd. DA Davidson dropped their price target on SouthState to $91.00 and set a “na” rating for the company in a report on Monday, May 16th. StockNews.com raised SouthState from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Finally, Raymond James dropped their target price on SouthState from $93.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, July 7th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, SouthState has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Insider Buying and Selling at SouthState

In related news, Director Robert R. Horger sold 1,150 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $83.00, for a total transaction of $95,450.00. Following the completion of the sale, the director now owns 33,464 shares in the company, valued at $2,777,512. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Robert R. Hill, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $83.88, for a total transaction of $838,800.00. Following the transaction, the chairman now owns 92,311 shares of the company’s stock, valued at approximately $7,743,046.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert R. Horger sold 1,150 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $83.00, for a total value of $95,450.00. Following the transaction, the director now owns 33,464 shares of the company’s stock, valued at approximately $2,777,512. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,704 shares of company stock valued at $4,385,398. Corporate insiders own 1.88% of the company’s stock.

SouthState Stock Performance

NASDAQ:SSB opened at $80.80 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.83 and a current ratio of 0.83. SouthState Co. has a fifty-two week low of $62.60 and a fifty-two week high of $93.34. The company has a market cap of $6.10 billion, a price-to-earnings ratio of 12.99 and a beta of 0.82. The stock has a fifty day moving average price of $80.31 and a 200-day moving average price of $80.24.

SouthState (NASDAQ:SSBGet Rating) last issued its earnings results on Thursday, July 28th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.53 by $0.09. SouthState had a return on equity of 9.98% and a net margin of 30.18%. The firm had revenue of $383.29 million during the quarter, compared to the consensus estimate of $390.97 million. During the same quarter in the previous year, the firm earned $1.87 earnings per share. The business’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, equities analysts anticipate that SouthState Co. will post 7.01 EPS for the current fiscal year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 19th. Shareholders of record on Friday, August 12th were issued a $0.50 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Thursday, August 11th. SouthState’s payout ratio is presently 32.15%.

SouthState Company Profile

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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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

See Also

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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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