Creative Planning Has $1.77 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Creative Planning lifted its position in SouthState Co. (NASDAQ:SSB) by 26.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,196 shares of the bank’s stock after buying an additional 3,831 shares during the quarter. Creative Planning’s holdings in SouthState were worth $1,768,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after buying an additional 371,987 shares during the last quarter. Victory Capital Management Inc. raised its stake in SouthState by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after purchasing an additional 45,176 shares during the last quarter. American Century Companies Inc. raised its stake in SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after purchasing an additional 39,492 shares during the last quarter. Earnest Partners LLC raised its stake in SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after purchasing an additional 40,879 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in SouthState by 1.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock valued at $87,464,000 after purchasing an additional 21,160 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Trading Up 2.8 %

Shares of SouthState stock opened at $98.47 on Tuesday. The stock has a market capitalization of $7.50 billion, a P/E ratio of 16.06 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. The company has a 50-day simple moving average of $96.48 and a 200 day simple moving average of $86.49. SouthState Co. has a 12-month low of $65.18 and a 12-month high of $103.82.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. Research analysts expect that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is currently 35.24%.

Analysts Set New Price Targets

SSB has been the subject of several research analyst reports. DA Davidson upped their target price on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Keefe, Bruyette & Woods upped their target price on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Stephens raised their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Finally, Hovde Group raised their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.56.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’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 owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

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.