BNP PARIBAS ASSET MANAGEMENT Holding S.A. Has $16.07 Million Stake in SouthState Co. (NASDAQ:SSB)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in SouthState Co. (NASDAQ:SSB) by 33.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 165,356 shares of the bank’s stock after buying an additional 41,874 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in SouthState were worth $16,070,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SSB. Waldron Private Wealth LLC acquired a new position in SouthState in the 3rd quarter valued at $35,000. GAMMA Investing LLC grew its position in shares of SouthState by 120.7% in the second 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 last quarter. UMB Bank n.a. lifted its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState during the 2nd quarter valued at approximately $97,000. Finally, Innealta Capital LLC acquired a new stake in SouthState in the 2nd quarter valued at approximately $133,000. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SSB. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens increased their target price on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Five 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.com, the stock currently has an average rating of “Hold” and a consensus target price of $105.11.

SouthState Stock Up 2.0 %

NASDAQ SSB opened at $109.00 on Friday. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $113.14. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 16.82 and a beta of 0.66. The stock’s 50 day moving average is $100.24 and its two-hundred day moving average is $89.85. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million for 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 period in the prior year, the business posted $1.62 earnings per share. Equities analysts forecast that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

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

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at $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. Insiders own 1.26% of the company’s stock.

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.