Franklin Resources Inc. increased its holdings in SouthState Co. (NASDAQ:SSB – Get Rating) by 8.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,577,493 shares of the bank’s stock after buying an additional 121,859 shares during the period. Franklin Resources Inc.’s holdings in SouthState were worth $121,704,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Wagner Wealth Management LLC bought a new position in shares of SouthState in the second quarter valued at approximately $28,000. Trust Co. of Vermont bought a new position in shares of SouthState in the second quarter valued at approximately $50,000. Pinebridge Investments L.P. grew its holdings in SouthState by 233.5% during the second quarter. Pinebridge Investments L.P. now owns 667 shares of the bank’s stock valued at $51,000 after purchasing an additional 467 shares during the period. Ensign Peak Advisors Inc bought a new position in SouthState during the first quarter valued at $54,000. Finally, Lazard Asset Management LLC bought a new position in SouthState during the first quarter valued at $76,000. 86.88% of the stock is owned by institutional investors.
Insider Buying and Selling
In related news, insider Douglas Lloyd Williams sold 2,600 shares of the stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $88.23, for a total value of $229,398.00. Following the sale, the insider now owns 30,719 shares in the company, valued at $2,710,337.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other SouthState news, Director Robert R. Horger sold 3,630 shares of the firm’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $89.00, for a total transaction of $323,070.00. Following the sale, the director now owns 29,834 shares in the company, valued at $2,655,226. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas Lloyd Williams sold 2,600 shares of the firm’s stock in a transaction dated Thursday, October 20th. The shares were sold at an average price of $88.23, for a total value of $229,398.00. Following the sale, the insider now owns 30,719 shares in the company, valued at approximately $2,710,337.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,549 shares of company stock worth $3,965,283. Corporate insiders own 1.88% of the company’s stock.
SouthState Price Performance
SouthState (NASDAQ:SSB – Get Rating) last posted its quarterly earnings results on Monday, October 24th. The bank reported $1.89 EPS for the quarter, hitting analysts’ consensus estimates of $1.89. SouthState had a return on equity of 10.05% and a net margin of 29.04%. During the same period last year, the company earned $1.94 earnings per share. As a group, equities research analysts forecast that SouthState Co. will post 7.22 EPS for the current year.
SouthState Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Friday, November 11th were given a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, November 9th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.29%. SouthState’s dividend payout ratio (DPR) is presently 32.10%.
Analyst Ratings Changes
Several equities analysts have weighed in on SSB shares. Piper Sandler raised SouthState from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $92.00 to $96.00 in a report on Wednesday, September 28th. Truist Financial increased their price objective on SouthState from $90.00 to $97.00 and gave the company a “buy” rating in a report on Monday, August 1st. Raymond James increased their price objective on SouthState from $95.00 to $98.00 and gave the company an “outperform” rating in a report on Wednesday, October 26th. Finally, StockNews.com started coverage on SouthState in a report on Wednesday, October 12th. They set a “hold” rating for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.42.
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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.
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