SouthState Co. (NASDAQ:SSB) Stake Increased by Segall Bryant & Hamill LLC

Segall Bryant & Hamill LLC boosted its holdings in SouthState Co. (NASDAQ:SSB) by 3.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 622,084 shares of the bank’s stock after acquiring an additional 22,855 shares during the quarter. SouthState comprises approximately 0.8% of Segall Bryant & Hamill LLC’s portfolio, making the stock its 10th biggest holding. Segall Bryant & Hamill LLC’s holdings in SouthState were worth $60,454,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SSB. Waldron Private Wealth LLC purchased a new stake in shares of SouthState in the 3rd quarter worth about $35,000. GAMMA Investing LLC increased its position in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares in the last quarter. UMB Bank n.a. raised its stake 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 purchasing an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in SouthState in the 2nd quarter valued at about $97,000. Finally, Innealta Capital LLC acquired a new stake in shares of SouthState during the 2nd quarter worth about $133,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred 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 completion of 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 position. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

SouthState Stock Down 0.5 %

Shares of NASDAQ:SSB opened at $105.09 on Wednesday. The company has a 50 day moving average of $99.41 and a two-hundred day moving average of $89.42. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $113.14. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $8.02 billion, a price-to-earnings ratio of 16.22 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the business earned $1.62 EPS. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, analysts forecast that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.06%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. DA Davidson upped their price objective on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Truist Financial cut their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $105.11.

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.