Consolidated Planning Corp Makes New $1.14 Million Investment in SouthState Co. (NASDAQ:SSB)

Consolidated Planning Corp purchased a new stake in SouthState Co. (NASDAQ:SSB - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 11,719 shares of the bank's stock, valued at approximately $1,139,000.

Several other institutional investors and hedge funds also recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. lifted its stake in shares of SouthState by 0.6% during the second quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank's stock valued at $1,472,000 after buying an additional 123 shares during the period. Raymond James & Associates lifted its stake in shares of SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank's stock valued at $1,631,000 after buying an additional 126 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of SouthState by 7.0% during the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank's stock valued at $274,000 after buying an additional 186 shares during the period. UMB Bank n.a. lifted its stake in shares of 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 buying an additional 192 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock valued at $47,000 after buying an additional 333 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Stock Up 1.1 %

SSB traded up $1.21 during trading hours on Friday, reaching $108.38. 423,361 shares of the stock traded hands, compared to its average volume of 485,357. The firm's fifty day simple moving average is $97.48 and its two-hundred day simple moving average is $87.66. The company has a market cap of $8.27 billion, a price-to-earnings ratio of 16.62 and a beta of 0.66. SouthState Co. has a fifty-two week low of $67.72 and a fifty-two week high of $111.99. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.90.

SouthState (NASDAQ:SSB - Get Free Report) last released 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 business had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business's revenue was down .4% on a year-over-year basis. During the same period last year, the business earned $1.62 EPS. As a group, analysts forecast that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Friday, November 8th. SouthState's payout ratio is 33.33%.

Analysts Set New Price Targets

SSB has been the subject of several research analyst reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a research report on Thursday. Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target for the company. Truist Financial dropped their price target on shares of SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research report on Monday, October 28th. Hovde Group upped their price target on shares of SouthState from $97.00 to $112.00 and gave the stock an "outperform" rating in a research report on Monday, July 29th. Finally, Stephens upped their price target on shares of SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $105.11.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction 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 transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction 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 $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business's stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares of the company's stock, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

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.