SouthState Co. (NASDAQ:SSB) Shares Acquired by BIP Wealth LLC

BIP Wealth LLC raised its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 605.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,422 shares of the bank's stock after purchasing an additional 26,966 shares during the quarter. BIP Wealth LLC's holdings in SouthState were worth $3,054,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SSB. Dimensional Fund Advisors LP boosted its stake 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 buying an additional 371,987 shares in the last quarter. Victory Capital Management Inc. raised its holdings in SouthState by 1.6% during the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank's stock worth $214,157,000 after purchasing an additional 45,176 shares during the last quarter. American Century Companies Inc. raised its holdings in SouthState by 2.4% during the second quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank's stock worth $128,831,000 after purchasing an additional 39,492 shares during the last quarter. Earnest Partners LLC raised its holdings in SouthState by 2.8% during the second quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank's stock worth $114,197,000 after purchasing an additional 40,879 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in SouthState by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank's stock worth $87,464,000 after purchasing an additional 21,160 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Trading Down 0.7 %

SSB stock traded down $0.72 during trading on Tuesday, reaching $104.86. 92,284 shares of the stock traded hands, compared to its average volume of 485,433. The business's 50 day moving average price is $98.93 and its 200-day moving average price is $89.04. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $113.14. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $8.00 billion, a PE ratio of 15.28 and a beta of 0.66.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the prior year, the business earned $1.62 earnings per share. The company's revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts forecast that SouthState Co. will post 6.92 earnings per share for the current year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Friday, November 8th. SouthState's payout ratio is 33.33%.

Analyst Ratings Changes

SSB has been the subject of several research reports. Citigroup initiated coverage on SouthState in a report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price objective for the company. DA Davidson boosted their price target on SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens boosted their price target on SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. Finally, Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, SouthState has a consensus rating of "Hold" and a consensus target price of $105.11.

Insider Transactions at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

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.