Prospector Partners LLC Buys 64,013 Shares of SouthState Co. (NASDAQ:SSB)

Prospector Partners LLC raised its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 52.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 185,250 shares of the bank's stock after purchasing an additional 64,013 shares during the period. SouthState makes up about 1.9% of Prospector Partners LLC's portfolio, making the stock its 16th largest holding. Prospector Partners LLC owned approximately 0.24% of SouthState worth $18,003,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Waldron Private Wealth LLC acquired a new position in SouthState in the third quarter valued at about $35,000. UMB Bank n.a. increased its holdings in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after buying an additional 192 shares during the period. GAMMA Investing LLC raised its position in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock valued at $47,000 after buying an additional 333 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of SouthState during the 2nd quarter worth approximately $97,000. Finally, International Assets Investment Management LLC boosted its position in shares of SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock worth $142,000 after acquiring an additional 1,443 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

Insider Buying and Selling at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the business's stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 6.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the firm's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares of the company's stock, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SSB shares. Piper Sandler upped their target price on SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Stephens upped their price objective on SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 target price on the stock. Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $105.11.

SouthState Trading Down 0.7 %

Shares of SouthState stock traded down $0.75 on Tuesday, hitting $111.18. The stock had a trading volume of 670,516 shares, compared to its average volume of 487,521. The stock has a 50 day moving average of $100.53 and a 200 day moving average of $90.20. The firm has a market capitalization of $8.48 billion, a P/E ratio of 17.17 and a beta of 0.66. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

SouthState (NASDAQ:SSB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts' expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company's revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company posted $1.62 EPS. Sell-side analysts expect that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.94%. The ex-dividend date was Friday, November 8th. SouthState's payout ratio is presently 33.33%.

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.