Strs Ohio Buys 1,200 Shares of SouthState Co. (NASDAQ:SSB)

Strs Ohio grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 1.3% in the fourth quarter, Holdings Channel reports. The fund owned 94,956 shares of the bank’s stock after acquiring an additional 1,200 shares during the quarter. Strs Ohio’s holdings in SouthState were worth $8,019,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky raised its stake in shares of SouthState by 44.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock valued at $3,413,000 after buying an additional 15,599 shares during the period. Versor Investments LP purchased a new stake in SouthState during the third quarter valued at about $424,000. Envestnet Asset Management Inc. boosted its position in SouthState by 112.5% during the third 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. Sei Investments Co. increased its stake in shares of SouthState by 5.4% in the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock worth $19,277,000 after purchasing an additional 14,688 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of SouthState by 80.4% in the fourth quarter. Pacer Advisors Inc. now owns 11,431 shares of the bank’s stock valued at $965,000 after purchasing an additional 5,095 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

NASDAQ:SSB opened at $75.99 on Thursday. SouthState Co. has a twelve month low of $59.51 and a twelve month high of $87.77. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The stock has a market cap of $5.79 billion, a P/E ratio of 11.76 and a beta of 0.74. The business’s 50-day moving average price is $81.92 and its two-hundred day moving average price is $78.38.

SouthState (NASDAQ:SSB) last announced its earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.13. The business had revenue of $419.72 million for the quarter, compared to the consensus estimate of $419.08 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%. As a group, equities analysts predict that SouthState Co. will post 6.63 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 2.74%. SouthState’s payout ratio is 32.20%.

Insiders Place Their Bets

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other SouthState news, COO Renee R. Brooks sold 4,025 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the completion of the sale, the chief operating officer now directly owns 31,747 shares in the company, valued at $2,718,178.14. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was 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 owns 35,828 shares in the company, valued at approximately $2,902,068. The disclosure for this sale can be found here. Insiders sold a total of 11,925 shares of company stock valued at $988,686 over the last 90 days. Insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Truist Financial reduced their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research note on Monday, April 1st. DA Davidson reiterated a “buy” rating and set a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group raised their target price on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Finally, Raymond James cut SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, SouthState presently has an average rating of “Hold” and a consensus price target of $87.80.

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.