Texas Permanent School Fund Corp Sells 9,632 Shares of SouthState Co. (NASDAQ:SSB)

Texas Permanent School Fund Corp trimmed its position in shares of SouthState Co. (NASDAQ:SSB) by 14.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 56,887 shares of the bank’s stock after selling 9,632 shares during the quarter. Texas Permanent School Fund Corp owned 0.07% of SouthState worth $4,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Choreo LLC bought a new stake in SouthState in the 2nd quarter worth about $410,000. Private Management Group Inc. grew its holdings in shares of SouthState by 4.4% in the second quarter. Private Management Group Inc. now owns 185,487 shares of the bank’s stock valued at $14,175,000 after acquiring an additional 7,822 shares in the last quarter. Quest Partners LLC increased its position in shares of SouthState by 230,200.0% during the second quarter. Quest Partners LLC now owns 39,151 shares of the bank’s stock valued at $2,992,000 after acquiring an additional 39,134 shares during the last quarter. Arizona State Retirement System lifted its holdings in SouthState by 2.1% during the second quarter. Arizona State Retirement System now owns 21,347 shares of the bank’s stock worth $1,631,000 after acquiring an additional 443 shares during the period. Finally, Victory Capital Management Inc. boosted its position in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after purchasing an additional 45,176 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the subject of several research analyst reports. Truist Financial raised their target price on SouthState from $81.00 to $109.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Stephens boosted their target price on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Hovde Group upped their price objective on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods raised their target price on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $102.75.

SouthState Trading Up 2.6 %

NASDAQ:SSB opened at $94.91 on Friday. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $101.32. The stock’s fifty day moving average price is $91.04 and its two-hundred day moving average price is $82.99. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $7.24 billion, a P/E ratio of 15.48 and a beta of 0.67.

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

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio is 35.24%.

SouthState 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.