FNY Investment Advisers LLC Purchases Shares of 10,136 SouthState Co. (NASDAQ:SSB)

FNY Investment Advisers LLC bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,136 shares of the bank's stock, valued at approximately $1,008,000.

Other hedge funds have also recently modified their holdings of the company. Choreo LLC purchased a new position in SouthState in the 2nd quarter valued at $410,000. Oppenheimer Asset Management Inc. lifted its stake in shares of SouthState by 4.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 22,996 shares of the bank's stock worth $1,757,000 after buying an additional 939 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in SouthState by 4.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 156,729 shares of the bank's stock valued at $11,977,000 after acquiring an additional 7,073 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in SouthState by 3.7% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank's stock valued at $742,000 after acquiring an additional 344 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank's stock worth $254,394,000 after purchasing an additional 371,987 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Trading Up 4.3 %

NASDAQ SSB traded up $3.97 during trading hours on Tuesday, reaching $96.89. The company had a trading volume of 1,338,008 shares, compared to its average volume of 1,582,389. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The stock has a market capitalization of $7.39 billion, a P/E ratio of 14.95 and a beta of 0.70. The stock has a 50-day moving average of $104.65 and a 200 day moving average of $97.03. 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 - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $426.41 million during the quarter, compared to analysts' expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm's quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. As a group, research analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.23%. SouthState's dividend payout ratio is presently 33.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SSB shares. Hovde Group lowered SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Truist Financial dropped their target price on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a report on Monday, October 28th. Citigroup initiated coverage on SouthState in a research note on Thursday, October 10th. They issued a "neutral" rating and a $102.00 target price for the company. Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and set a $120.00 price objective (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, SouthState has an average rating of "Moderate Buy" and a consensus price target of $112.56.

SouthState 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.