LMR Partners LLP Acquires New Stake in SouthState Co. (NASDAQ:SSB)

LMR Partners LLP acquired a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 6,637 shares of the bank's stock, valued at approximately $645,000.

Several other large investors also recently made changes to their positions in SSB. Waldron Private Wealth LLC purchased a new position in SouthState during the 3rd quarter worth approximately $35,000. GAMMA Investing LLC raised its position in 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. UMB Bank n.a. lifted its stake in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after acquiring an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState during the 2nd quarter worth about $97,000. Finally, Innealta Capital LLC purchased a new position in SouthState during the 2nd quarter valued at about $133,000. Institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. 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 report on Thursday, November 7th. Citigroup assumed coverage on shares of SouthState in a report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target on the stock. Stephens increased their price objective on SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. Piper Sandler boosted their target price on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Finally, DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $105.11.

SouthState Trading Down 0.1 %

Shares of SSB stock traded down $0.13 during trading hours on Wednesday, reaching $104.96. The company had a trading volume of 752,125 shares, compared to its average volume of 487,625. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $113.14. 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 cap of $8.01 billion, a price-to-earnings ratio of 16.20 and a beta of 0.66. The company has a 50 day moving average of $99.67 and a 200 day moving average of $89.53.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million for the quarter, compared to analysts' expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company's revenue was down .4% compared to the same quarter last year. During the same quarter last year, the business earned $1.62 earnings per share. On average, equities research analysts anticipate that SouthState Co. will post 6.92 EPS for the current year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.06%. SouthState's dividend payout ratio (DPR) is presently 33.33%.

Insider Transactions at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business's stock in a transaction that occurred on Friday, September 20th. The stock was 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 in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm's stock in a transaction that occurred 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 directly owns 33,328 shares of the company's stock, valued at $3,332,800. This represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

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.