SouthState Co. (NASDAQ:SSB) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its holdings in shares of SouthState Co. (NASDAQ:SSB) by 4.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,996 shares of the bank’s stock after buying an additional 939 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in SouthState were worth $1,757,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of SouthState in the 4th quarter worth approximately $75,485,000. Franklin Resources Inc. lifted its stake in SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock worth $186,485,000 after purchasing an additional 466,144 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of SouthState by 270.2% in the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock valued at $30,075,000 after buying an additional 258,168 shares during the period. Capital World Investors lifted its stake in SouthState by 31.8% during the 4th quarter. Capital World Investors now owns 620,510 shares of the bank’s stock worth $52,402,000 after acquiring an additional 149,745 shares in the last quarter. Finally, Capital International Investors grew its position in SouthState by 24.2% in the 4th quarter. Capital International Investors now owns 596,520 shares of the bank’s stock valued at $50,376,000 after acquiring an additional 116,313 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.26% of the company’s stock.

SouthState Price Performance

SSB stock opened at $99.10 on Thursday. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 16.17 and a beta of 0.67. SouthState Co. has a fifty-two week low of $63.36 and a fifty-two week high of $102.59. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $92.74 and a 200 day moving average price of $83.41.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.25. The business had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.63 EPS. Equities research analysts anticipate that SouthState Co. will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This is a positive change from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, August 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.18%. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Analyst Ratings Changes

Several research firms have recently commented on SSB. Truist Financial raised their price objective on shares of SouthState from $81.00 to $109.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Piper Sandler increased their price objective on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. DA Davidson boosted their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Hovde Group increased their price target on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Stephens boosted their price objective on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $102.75.

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.