Channing Capital Management LLC Has $71.55 Million Stake in SouthState Co. (NASDAQ:SSB)

Channing Capital Management LLC cut its stake in SouthState Co. (NASDAQ:SSB) by 1.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 847,207 shares of the bank’s stock after selling 11,981 shares during the quarter. SouthState accounts for about 2.1% of Channing Capital Management LLC’s portfolio, making the stock its 15th biggest position. Channing Capital Management LLC’s holdings in SouthState were worth $71,547,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Victory Capital Management Inc. raised its stake in shares of SouthState by 1.2% in the third quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock worth $194,309,000 after purchasing an additional 35,291 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of SouthState by 4.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock worth $79,974,000 after purchasing an additional 49,472 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of SouthState by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 979,859 shares of the bank’s stock worth $66,003,000 after purchasing an additional 14,153 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of SouthState by 0.9% in the third quarter. New York State Common Retirement Fund now owns 328,123 shares of the bank’s stock worth $22,102,000 after purchasing an additional 2,920 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of SouthState by 5.4% in the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock worth $19,277,000 after purchasing an additional 14,688 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. DA Davidson reissued a “buy” rating and issued a $102.00 price objective (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group increased their price target on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Truist Financial decreased their price target on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, April 29th. Finally, Piper Sandler decreased their price target on SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, SouthState has an average rating of “Hold” and an average price target of $88.17.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the transaction, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

SouthState Stock Performance

NASDAQ SSB traded up $0.32 on Friday, hitting $78.57. 284,971 shares of the stock traded hands, compared to its average volume of 449,337. The business’s fifty day moving average is $80.78 and its two-hundred day moving average is $79.34. SouthState Co. has a 12 month low of $59.51 and a 12 month high of $87.77. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of 12.82 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. During the same period in the prior year, the company earned $1.93 earnings per share. SouthState’s revenue was down 8.2% compared to the same quarter last year. As a group, equities analysts anticipate that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is 33.93%.

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.