SouthState Co. (NASDAQ:SSB) Shares Purchased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lifted its holdings in shares of SouthState Co. (NASDAQ:SSB) by 1.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,875 shares of the bank’s stock after purchasing an additional 601 shares during the quarter. Thrivent Financial for Lutherans owned about 0.05% of SouthState worth $3,778,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Waldron Private Wealth LLC purchased a new position in shares of SouthState in the 3rd quarter valued at about $35,000. UMB Bank n.a. boosted its holdings in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares in the last quarter. GAMMA Investing LLC grew its holdings in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState in the 2nd quarter valued at about $97,000. Finally, International Assets Investment Management LLC increased its holdings in SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after buying an additional 1,443 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SSB shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price objective (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial reduced their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Stephens upped their target price on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Piper Sandler lifted their price target 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 issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $105.11.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s 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 transaction, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents a 6.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total value 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. This represents a 11.91 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $109.00 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState Co. has a one year low of $70.68 and a one year high of $113.14. The business’s 50-day moving average price is $100.24 and its two-hundred day moving average price is $89.98. The company has a market capitalization of $8.32 billion, a P/E ratio of 16.82 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $1.62 earnings per share. Analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders 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 dividend yield of 1.98%. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

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.