JPMorgan Chase & Co. grew its position in SouthState Co. (NASDAQ:SSB - Free Report) by 2.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 408,894 shares of the bank's stock after acquiring an additional 9,863 shares during the period. JPMorgan Chase & Co. owned about 0.54% of SouthState worth $39,736,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of SSB. BIP Wealth LLC raised its position in SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock worth $3,054,000 after acquiring an additional 26,966 shares during the period. Stifel Financial Corp increased its stake in shares of SouthState by 10.5% during the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock worth $6,178,000 after purchasing an additional 6,062 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of SouthState by 3.7% during the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank's stock worth $69,178,000 after purchasing an additional 25,495 shares during the last quarter. HighTower Advisors LLC lifted its stake in SouthState by 7.6% in the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock valued at $1,083,000 after buying an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in SouthState in the 3rd quarter valued at about $265,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.
SouthState Trading Down 0.4 %
Shares of SSB stock traded down $0.38 during trading on Monday, hitting $97.05. 1,149,618 shares of the stock traded hands, compared to its average volume of 2,376,606. The firm has a market capitalization of $7.40 billion, a P/E ratio of 14.98 and a beta of 0.69. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.26. 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's fifty day moving average price is $104.96 and its 200-day moving average price is $95.95.
SouthState (NASDAQ:SSB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company's quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 EPS. As a group, research analysts forecast that SouthState Co. will post 6.94 earnings per share for the current fiscal year.
SouthState Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, November 8th. SouthState's dividend payout ratio (DPR) is 33.33%.
Analyst Ratings Changes
A number of equities analysts have commented on SSB shares. Piper Sandler increased their target price on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Truist Financial reduced their price objective on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research note on Monday, October 28th. UBS Group began coverage on shares of SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 target price for the company. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Citigroup assumed coverage on shares of SouthState in a research note on Thursday, October 10th. They set a "neutral" rating and a $102.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $112.56.
Read Our Latest Stock Report on SSB
SouthState Company Profile
(
Free Report)
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.
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