F M Investments LLC Buys Shares of 95,576 SouthState Co. (NASDAQ:SSB)

F M Investments LLC acquired a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 95,576 shares of the bank's stock, valued at approximately $7,303,000. F M Investments LLC owned approximately 0.13% of SouthState as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SSB. Norges Bank purchased a new stake in SouthState during the 4th quarter worth $75,485,000. Franklin Resources Inc. lifted its stake in shares of SouthState by 26.8% in the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank's stock worth $186,485,000 after acquiring an additional 466,144 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in SouthState by 270.2% in the first quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank's stock valued at $30,075,000 after purchasing an additional 258,168 shares during the last quarter. Capital World Investors grew its stake in SouthState by 31.8% during the 4th quarter. Capital World Investors now owns 620,510 shares of the bank's stock valued at $52,402,000 after purchasing an additional 149,745 shares in the last quarter. Finally, Capital International Investors increased its holdings in SouthState by 24.2% during the 4th quarter. Capital International Investors now owns 596,520 shares of the bank's stock worth $50,376,000 after purchasing an additional 116,313 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Trading Down 0.0 %

NASDAQ SSB traded down $0.04 during trading hours on Friday, hitting $96.74. The company's stock had a trading volume of 591,681 shares, compared to its average volume of 481,506. The stock has a fifty day moving average of $87.62 and a 200 day moving average of $82.30. The firm has a market capitalization of $7.37 billion, a P/E ratio of 15.78 and a beta of 0.68. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $101.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.12.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25. The business had revenue of $425.48 million for the quarter, compared to analysts' expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm's revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 EPS. Equities research analysts forecast that SouthState Co. will post 6.64 earnings per share for the current fiscal 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 $0.54 dividend. This is a boost from SouthState's previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, August 9th. SouthState's dividend payout ratio is currently 35.24%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Stephens lifted their price target on shares of SouthState from $88.00 to $101.00 and gave the stock an "equal weight" rating in a research note on Monday, July 29th. Truist Financial boosted their target price on shares of SouthState from $81.00 to $109.00 and gave the company a "hold" rating in a research note on Monday, July 29th. Hovde Group raised their price target on SouthState from $97.00 to $112.00 and gave the company an "outperform" rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their price objective on SouthState from $95.00 to $110.00 and gave the company an "outperform" rating in a report on Monday, July 29th. Finally, Piper Sandler upped their price target on SouthState from $95.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $102.75.

SouthState Company 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.