SouthState Co. (NASDAQ:SSB) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 234.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,208 shares of the bank's stock after acquiring an additional 18,374 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in SouthState were worth $2,003,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Parallel Advisors LLC raised its holdings in SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank's stock worth $27,000 after purchasing an additional 272 shares during the period. Fidelis Capital Partners LLC acquired a new position in SouthState in the 1st quarter worth about $30,000. TFO Wealth Partners LLC raised its holdings in SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank's stock worth $34,000 after purchasing an additional 402 shares during the period. GAMMA Investing LLC raised its holdings in SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock worth $47,000 after purchasing an additional 333 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in SouthState by 8,346.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank's stock worth $107,000 after purchasing an additional 1,252 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Trading Up 0.8 %

Shares of SSB stock traded up $0.71 on Monday, hitting $92.29. The stock had a trading volume of 351,565 shares, compared to its average volume of 485,524. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $7.03 billion, a P/E ratio of 14.94 and a beta of 0.68. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $101.32. The company's 50 day moving average price is $83.25 and its 200-day moving average price is $81.37.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. During the same quarter in the previous year, the business earned $1.63 EPS. The company's quarterly revenue was down 3.1% compared to the same quarter last year. Analysts anticipate that SouthState Co. will post 6.64 earnings per share for the current year.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This is an increase from SouthState's previous quarterly dividend of $0.23. The ex-dividend date was Friday, August 9th. This represents a $2.16 annualized dividend and a yield of 2.34%. SouthState's dividend payout ratio is 35.24%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Raymond James raised SouthState from a "market perform" rating to an "outperform" rating and set a $90.00 price target for the company in a report on Tuesday, May 21st. Truist Financial increased their target price on SouthState from $81.00 to $109.00 and gave the company a "hold" rating in a report on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on SouthState from $95.00 to $110.00 and gave the company an "outperform" rating in a report on Monday, July 29th. Stephens increased their target price on SouthState from $88.00 to $101.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. Finally, DA Davidson increased their target price on SouthState from $102.00 to $112.00 and gave the company a "buy" rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, SouthState has a consensus rating of "Hold" and a consensus price target of $102.75.

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.