[ad_1]
Alliancebernstein L.P. increased its stake in SouthState Co. (NASDAQ:SSB – Free Report) by 44.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 300,047 shares of the bank’s stock after purchasing an additional 92,342 shares during the quarter. Alliancebernstein L.P. owned about 0.30% of SouthState worth $27,850,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of SSB. Versant Capital Management Inc raised its position in shares of SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock worth $53,000 after buying an additional 485 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock valued at $54,000 after acquiring an additional 378 shares during the period. Summit Securities Group LLC raised its holdings in SouthState by 81.5% during the first quarter. Summit Securities Group LLC now owns 688 shares of the bank’s stock worth $64,000 after purchasing an additional 309 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in SouthState by 1,103.4% during the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the bank’s stock worth $64,000 after purchasing an additional 640 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in SouthState in the first quarter worth approximately $67,000. Institutional investors own 89.76% of the company’s stock.
Analyst Upgrades and Downgrades
SSB has been the topic of several research analyst reports. Hovde Group lifted their price target on SouthState from $97.00 to $105.00 and gave the company a “market perform” rating in a research report on Friday, July 25th. Barclays raised their target price on SouthState from $117.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Citigroup reiterated a “buy” rating and issued a $117.00 price target (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. Truist Financial began coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a “buy” rating and a $106.00 price objective for the company. Finally, DA Davidson lifted their price objective on shares of SouthState from $115.00 to $117.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $115.27.
View Our Latest Stock Analysis on SSB
SouthState Trading Down 1.2%
Shares of NASDAQ SSB opened at $100.98 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12 month low of $77.74 and a 12 month high of $114.26. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 14.51 and a beta of 0.74. The business has a fifty day simple moving average of $97.52 and a 200-day simple moving average of $92.35.
SouthState (NASDAQ:SSB – Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The firm had revenue of $840.50 million for the quarter, compared to the consensus estimate of $645.12 million. During the same quarter in the previous year, the company earned $1.74 EPS. Sell-side analysts predict that SouthState Co. will post 8.12 EPS for the current year.
SouthState Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a dividend of $0.60 per share. This is an increase from SouthState’s previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, August 8th. SouthState’s dividend payout ratio (DPR) is presently 35.77%.
Insider Activity at SouthState
In other news, Director G Stacy Smith acquired 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $92.30 per share, with a total value of $230,750.00. Following the purchase, the director owned 39,546 shares of the company’s stock, valued at approximately $3,650,095.80. This trade represents a 6.75% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 5,000 shares of SouthState stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the transaction, the insider owned 31,785 shares in the company, valued at approximately $3,165,786. The trade was a 13.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders bought 8,338 shares of company stock worth $786,321. 1.70% of the stock is owned by corporate insiders.
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.
Featured Articles
Receive News & Ratings for SouthState Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for SouthState and related companies with MarketBeat.com’s FREE daily email newsletter.
[ad_2]
Source link