Smith Chas P & Associates PA Cpas Sells 241 Shares of SouthState Co. (NASDAQ:SSB)

Smith Chas P & Associates PA Cpas decreased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,321 shares of the bank’s stock after selling 241 shares during the period. Smith Chas P & Associates PA Cpas’ holdings in SouthState were worth $1,126,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new stake in shares of SouthState during the 3rd quarter worth $35,000. UMB Bank n.a. raised its position in SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState during the second quarter worth about $97,000. International Assets Investment Management LLC boosted its holdings in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares in the last quarter. Finally, William B. Walkup & Associates Inc. bought a new position in shares of SouthState during the 2nd quarter valued at about $151,000. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of SSB opened at $103.29 on Friday. SouthState Co. has a one year low of $70.68 and a one year high of $114.26. The company has a 50-day simple moving average of $103.32 and a two-hundred day simple moving average of $98.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $7.88 billion, a PE ratio of 15.94 and a beta of 0.70.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the prior year, the firm earned $1.62 EPS. The company’s revenue was down .4% compared to the same quarter last year. On average, analysts anticipate that SouthState Co. will post 6.99 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Friday, February 7th. SouthState’s payout ratio is 33.33%.

Analysts Set New Price Targets

Several analysts have issued reports on SSB shares. Stephens reaffirmed an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Friday. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Piper Sandler lifted their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Finally, UBS Group began coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, SouthState has an average rating of “Moderate Buy” and an average price target of $112.56.

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.