SouthState Co. (NASDAQ:SSB) Shares Purchased by BNP PARIBAS ASSET MANAGEMENT Holding S.A.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in SouthState Co. (NASDAQ:SSB) by 33.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 165,356 shares of the bank’s stock after purchasing an additional 41,874 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned about 0.22% of SouthState worth $16,070,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Segall Bryant & Hamill LLC increased its holdings in shares of SouthState by 3.8% during the third quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank’s stock valued at $60,454,000 after purchasing an additional 22,855 shares during the period. BIP Wealth LLC increased its stake in SouthState by 605.2% during the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock valued at $3,054,000 after buying an additional 26,966 shares during the period. Caprock Group LLC bought a new stake in shares of SouthState during the 3rd quarter worth about $236,000. LMR Partners LLP acquired a new stake in shares of SouthState in the 3rd quarter worth approximately $645,000. Finally, Stieven Capital Advisors L.P. bought a new position in shares of SouthState in the third quarter valued at approximately $9,086,000. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Stephens upped their price objective on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Citigroup initiated coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. Finally, Piper Sandler lifted their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $105.11.

SouthState Stock Up 2.0 %

SSB stock opened at $109.00 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $8.32 billion, a P/E ratio of 16.82 and a beta of 0.66. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $113.14. The company’s 50 day simple moving average is $100.24 and its 200-day simple moving average is $89.85.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. As a group, equities research analysts anticipate that SouthState Co. will post 6.94 EPS for the current year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 1.98%. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

Insider Activity

In other news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The trade was a 11.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

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.