KBC Group NV Has $223,000 Holdings in SouthState Co. (NASDAQ:SSB)

KBC Group NV lifted its position in SouthState Co. (NASDAQ:SSB) by 16.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,296 shares of the bank’s stock after purchasing an additional 321 shares during the quarter. KBC Group NV’s holdings in SouthState were worth $223,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of SouthState by 234.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after buying an additional 18,374 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in SouthState by 14.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock worth $9,437,000 after purchasing an additional 15,500 shares in the last quarter. Mesirow Institutional Investment Management Inc. lifted its stake in SouthState by 17.6% during the second quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank’s stock worth $15,416,000 after purchasing an additional 30,234 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in SouthState by 1.9% during the second 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 in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. 89.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on SSB shares. Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Stephens raised their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, DA Davidson boosted their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $105.11.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the 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 approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

SouthState Price Performance

Shares of SSB stock opened at $105.09 on Wednesday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $113.14. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $99.41 and its 200-day moving average is $89.42. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of 16.22 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 EPS. Sell-side analysts forecast that SouthState Co. will post 6.92 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.06%. SouthState’s payout ratio is 33.33%.

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.