Dimensional Fund Advisors LP Has $254.39 Million Stake in SouthState Co. (NASDAQ:SSB)

Dimensional Fund Advisors LP increased its stake in SouthState Co. (NASDAQ:SSB) by 12.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,328,984 shares of the bank’s stock after purchasing an additional 371,987 shares during the quarter. Dimensional Fund Advisors LP owned approximately 4.37% of SouthState worth $254,394,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Nicholas Hoffman & Company LLC. grew its position in SouthState by 0.6% in the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of SouthState by 0.6% during the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after acquiring an additional 126 shares during the period. Parallel Advisors LLC boosted its position in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after acquiring an additional 272 shares in the last quarter. GAMMA Investing LLC increased its stake in SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares during the period. Finally, Brown Brothers Harriman & Co. raised its position in SouthState by 3.7% in the second quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock worth $742,000 after purchasing an additional 344 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $99.10 on Thursday. The stock has a 50-day simple moving average of $92.74 and a 200 day simple moving average of $83.41. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 16.17 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12-month low of $63.36 and a 12-month high of $102.59.

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

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.18%. The ex-dividend date was Friday, August 9th. This is a boost from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is 35.24%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SSB shares. Truist Financial upped their price objective on SouthState from $81.00 to $109.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Piper Sandler boosted their target price on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Hovde Group upped their target price on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, DA Davidson lifted their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, SouthState currently has a consensus rating of “Hold” and an average price target of $102.75.

Insiders Place Their Bets

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.26% of the company’s stock.

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.