Johnson Investment Counsel Inc. Makes New Investment in SouthState Co. (NASDAQ:SSB)

Johnson Investment Counsel Inc. purchased a new position in SouthState Co. (NASDAQ:SSBFree Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,453 shares of the bank’s stock, valued at approximately $207,000.

Other large investors also recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky increased its stake in SouthState by 44.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock worth $3,413,000 after purchasing an additional 15,599 shares in the last quarter. Versor Investments LP bought a new stake in shares of SouthState during the third quarter worth $424,000. Charles Schwab Investment Management Inc. raised its holdings in shares of SouthState by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,005,187 shares of the bank’s stock worth $84,888,000 after acquiring an additional 25,328 shares during the period. BIP Wealth LLC bought a new stake in SouthState in the 4th quarter valued at $430,000. Finally, Envestnet Asset Management Inc. boosted its stake in SouthState by 112.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock worth $9,689,000 after purchasing an additional 76,153 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 0.4 %

SSB stock opened at $81.39 on Thursday. SouthState Co. has a 1-year low of $60.12 and a 1-year high of $87.77. The business’s 50 day simple moving average is $80.39 and its 200 day simple moving average is $80.10. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $6.20 billion, a PE ratio of 13.28 and a beta of 0.75.

SouthState (NASDAQ:SSBGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.03. The company had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company’s revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.93 earnings per share. As a group, research analysts anticipate that SouthState Co. will post 6.37 EPS for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Thursday, May 9th. SouthState’s dividend payout ratio is presently 33.93%.

Insider Activity

In other news, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SSB. UBS Group boosted their price target on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, January 29th. Piper Sandler reduced their price target on SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Truist Financial lowered their price objective on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Monday, April 29th. Finally, DA Davidson reissued a “buy” rating and issued a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $88.17.

Get Our Latest Stock Report on SSB

About SouthState

(Free Report)

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.

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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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