Charles Schwab Investment Management Inc. Acquires 72,181 Shares of SouthState Co. (NASDAQ:SSB)

Charles Schwab Investment Management Inc. raised its holdings in SouthState Co. (NASDAQ:SSB) by 7.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 987,849 shares of the bank’s stock after buying an additional 72,181 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.29% of SouthState worth $95,999,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC acquired a new stake in shares of SouthState in the third quarter worth $35,000. GAMMA Investing LLC increased its holdings in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares during the period. UMB Bank n.a. raised its position in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of SouthState in the second quarter valued at about $97,000. Finally, Innealta Capital LLC acquired a new stake in SouthState during the second quarter worth about $133,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SSB shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Truist Financial reduced their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. Finally, Stephens increased their target price on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, SouthState has a consensus rating of “Hold” and a consensus price target of $105.11.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

SouthState Trading Down 0.7 %

Shares of SSB opened at $111.18 on Wednesday. The stock’s fifty day simple moving average is $100.53 and its 200-day simple moving average is $90.20. The firm has a market capitalization of $8.48 billion, a PE ratio of 17.17 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 company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) 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 company had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the prior year, the company posted $1.62 EPS. The company’s revenue was down .4% compared to the same quarter last year. As a group, research analysts predict that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 1.94%. SouthState’s payout ratio is presently 33.33%.

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.