CIBC Asset Management Inc Invests $214,000 in SouthState Co. (NASDAQ:SSB)

CIBC Asset Management Inc acquired a new stake in SouthState Co. (NASDAQ:SSB) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,198 shares of the bank’s stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SSB. Wealth Enhancement Advisory Services LLC increased its holdings in shares of SouthState by 234.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after purchasing an additional 18,374 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in SouthState by 14.4% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank’s stock worth $9,437,000 after buying an additional 15,500 shares during the last quarter. Mesirow Institutional Investment Management Inc. lifted its stake in SouthState by 17.6% during the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank’s stock valued at $15,416,000 after acquiring an additional 30,234 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of SouthState by 1.9% in 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 acquiring an additional 21,160 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the company’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 directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the topic of several recent research reports. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Citigroup started coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. DA Davidson boosted 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. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $105.11.

SouthState Stock Up 2.1 %

SSB opened at $109.08 on Friday. The company has a market cap of $8.32 billion, a PE ratio of 16.76 and a beta of 0.66. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $113.14. The company has a 50-day moving average price of $99.96 and a 200 day moving average price of $89.65. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating 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 return on equity of 9.41% and a net margin of 21.24%. The business’s revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Sell-side analysts expect that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a 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.