Hantz Financial Services Inc. Invests $3.11 Million in SouthState Co. (NASDAQ:SSB)

Hantz Financial Services Inc. bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 40,660 shares of the bank's stock, valued at approximately $3,107,000. Hantz Financial Services Inc. owned 0.05% of SouthState at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Heritage Family Offices LLP purchased a new position in SouthState in the 2nd quarter valued at about $205,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of SouthState by 14.4% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank's stock valued at $9,437,000 after acquiring an additional 15,500 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of SouthState in the second quarter worth approximately $133,000. F M Investments LLC purchased a new stake in shares of SouthState during the second quarter worth approximately $7,303,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in SouthState by 12.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,215 shares of the bank's stock valued at $1,239,000 after purchasing an additional 1,807 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Trading Up 0.3 %

Shares of SSB stock traded up $0.31 during trading hours on Friday, hitting $97.09. The company had a trading volume of 591,681 shares, compared to its average volume of 481,506. SouthState Co. has a fifty-two week low of $63.36 and a fifty-two week high of $101.32. 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 company's fifty day moving average is $87.62 and its 200 day moving average is $82.32. The stock has a market capitalization of $7.40 billion, a PE ratio of 15.84 and a beta of 0.68.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million for the quarter, compared to analysts' expectations of $418.08 million. During the same period in the prior year, the firm earned $1.63 earnings per share. The firm's revenue was down 3.1% compared to the same quarter last year. Research analysts expect that SouthState Co. will post 6.64 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were given a $0.54 dividend. This is an increase from SouthState's previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Friday, August 9th. SouthState's payout ratio is currently 35.24%.

Wall Street Analyst Weigh In

SSB has been the topic of several recent research reports. Truist Financial lifted their target price on shares of SouthState from $81.00 to $109.00 and gave the stock a "hold" rating in a research note on Monday, July 29th. Piper Sandler upped their target price on SouthState from $95.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, May 29th. Raymond James upgraded SouthState from a "market perform" rating to an "outperform" rating and set a $90.00 price target on the stock in a report on Tuesday, May 21st. Hovde Group increased their price target on shares of SouthState from $97.00 to $112.00 and gave the company an "outperform" rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of SouthState from $95.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $102.75.

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.