Nicholson Wealth Management Group LLC Makes New Investment in SouthState Co. (NASDAQ:SSB)

Nicholson Wealth Management Group LLC purchased a new stake in SouthState Co. (NASDAQ:SSB - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,126 shares of the bank's stock, valued at approximately $693,000.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank's stock valued at $254,394,000 after purchasing an additional 371,987 shares during the last quarter. Jupiter Asset Management Ltd. lifted its position in shares of SouthState by 270.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank's stock worth $30,075,000 after buying an additional 258,168 shares in the last quarter. F M Investments LLC purchased a new position in shares of SouthState in the 2nd quarter worth approximately $7,303,000. Renaissance Technologies LLC bought a new position in shares of SouthState in the second quarter valued at approximately $4,829,000. Finally, Victory Capital Management Inc. increased its position in shares of SouthState by 1.6% during the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank's stock valued at $214,157,000 after acquiring an additional 45,176 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $2.28 during midday trading on Friday, reaching $95.78. 471,420 shares of the company traded hands, compared to its average volume of 479,402. The firm's fifty day moving average price is $96.35 and its two-hundred day moving average price is $86.27. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of 15.62 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12 month low of $64.81 and a 12 month high of $103.82.

SouthState (NASDAQ:SSB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm had revenue of $426.41 million for the quarter, compared to analysts' expectations of $429.47 million. During the same period in the prior year, the business posted $1.62 earnings per share. The company's revenue was down .4% on a year-over-year basis. On average, equities analysts expect that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, November 8th. SouthState's payout ratio is 35.24%.

Insider Activity

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the company's stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the firm's stock in a transaction dated Friday, September 20th. The shares were 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 $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Stephens lifted their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an "equal weight" rating in a research report on Monday, July 29th. DA Davidson lifted their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Truist Financial increased their price objective on SouthState from $109.00 to $111.00 and gave the company a "hold" rating in a report on Friday, September 20th. 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. Finally, Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target for the company. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $104.44.

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.