Smith Chas P & Associates PA Cpas Takes Position in SouthState Co. (NASDAQ:SSB)

Smith Chas P & Associates PA Cpas purchased a new stake in SouthState Co. (NASDAQ:SSB) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 11,562 shares of the bank’s stock, valued at approximately $1,124,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC acquired a new position in SouthState in the first quarter valued at about $30,000. GAMMA Investing LLC lifted its stake in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the period. UMB Bank n.a. grew its holdings in SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState during the 2nd quarter worth approximately $97,000. Finally, Innealta Capital LLC acquired a new position in shares of SouthState during the 2nd quarter worth $133,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on SSB shares. Citigroup began coverage on SouthState in a report on Thursday. They set a “neutral” rating and a $102.00 target price on the stock. Truist Financial increased their target price on SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Stephens increased their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lifted their price objective on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Hovde Group raised their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and an average price target of $102.89.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 5,000 shares of the company’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 sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’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 owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

SouthState Trading Up 3.4 %

NASDAQ:SSB opened at $99.07 on Monday. The company’s 50 day moving average is $94.20 and its 200-day moving average is $85.13. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12 month low of $63.36 and a 12 month high of $102.82. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 16.16 and a beta of 0.67.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. During the same quarter in the previous year, the firm earned $1.63 EPS. The firm’s revenue was down 3.1% compared to the same quarter last year. Equities analysts anticipate that SouthState Co. will post 6.69 EPS for the current year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.18%. This is an increase from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

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.