Wellington Management Group LLP Has $82.47 Million Position in SouthState Co. $SSB

Wellington Management Group LLP lowered its position in shares of SouthState Co. (NASDAQ:SSB) by 5.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 888,451 shares of the bank’s stock after selling 49,321 shares during the quarter. Wellington Management Group LLP’s holdings in SouthState were worth $82,466,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc grew its holdings in SouthState by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the bank’s stock valued at $87,000 after purchasing an additional 117 shares during the period. Nisa Investment Advisors LLC grew its holdings in SouthState by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank’s stock valued at $220,000 after purchasing an additional 118 shares during the period. Baird Financial Group Inc. grew its holdings in SouthState by 6.4% during the fourth quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank’s stock valued at $253,000 after purchasing an additional 153 shares during the period. FourThought Financial Partners LLC grew its holdings in SouthState by 5.7% during the first quarter. FourThought Financial Partners LLC now owns 3,070 shares of the bank’s stock valued at $285,000 after purchasing an additional 166 shares during the period. Finally, Liberty One Investment Management LLC grew its holdings in SouthState by 2.3% during the first quarter. Liberty One Investment Management LLC now owns 8,222 shares of the bank’s stock valued at $763,000 after purchasing an additional 186 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insiders Place Their Bets

In other news, Director G Stacy Smith purchased 2,500 shares of the company’s stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $92.30 per share, with a total value of $230,750.00. Following the completion of the transaction, the director owned 39,546 shares of the company’s stock, valued at $3,650,095.80. The trade was a 6.75% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Janet P. Froetscher purchased 3,338 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the transaction, the director directly owned 8,294 shares of the company’s stock, valued at approximately $807,089.14. This represents a 67.35% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 8,338 shares of company stock valued at $786,321. 1.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Barclays upped their price target on shares of SouthState from $117.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Hovde Group upped their target price on shares of SouthState from $97.00 to $105.00 and gave the stock a “market perform” rating in a research note on Friday, July 25th. Jefferies Financial Group assumed coverage on SouthState in a report on Wednesday, May 21st. They set a “buy” rating and a $110.00 target price for the company. Stephens restated an “overweight” rating and issued a $119.00 price target on shares of SouthState in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods reduced their price objective on SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $115.27.

SouthState Stock Performance

Shares of SSB stock opened at $100.5380 on Friday. The company’s fifty day simple moving average is $94.44 and its 200-day simple moving average is $92.60. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market cap of $10.18 billion, a PE ratio of 14.45 and a beta of 0.79. SouthState Co. has a 12 month low of $77.74 and a 12 month high of $114.26.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.32. The business had revenue of $840.50 million for the quarter, compared to analyst estimates of $645.12 million. SouthState had a net margin of 22.38% and a return on equity of 9.62%. During the same quarter in the previous year, the firm posted $1.74 earnings per share. Equities research analysts expect that SouthState Co. will post 8.12 EPS for the current fiscal year.

SouthState Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.4%. This is an increase from SouthState’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Friday, August 8th. SouthState’s payout ratio is currently 35.77%.

About SouthState

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.