Wipfli Financial Advisors LLC Buys Shares of 364 SouthState Co. (NASDAQ:SSB)

Wipfli Financial Advisors LLC bought a new stake in SouthState Co. (NASDAQ:SSBGet Rating) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 364 shares of the bank’s stock, valued at approximately $29,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SSB. Raymond James & Associates boosted its stake in SouthState by 69.1% in the first quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock valued at $1,587,000 after acquiring an additional 7,949 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of SouthState by 51.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock worth $1,832,000 after buying an additional 7,622 shares during the period. HighTower Advisors LLC boosted its position in shares of SouthState by 119.0% during the first quarter. HighTower Advisors LLC now owns 8,239 shares of the bank’s stock worth $673,000 after buying an additional 4,477 shares during the period. Citigroup Inc. boosted its position in shares of SouthState by 29.1% during the first quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock worth $2,194,000 after buying an additional 6,065 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of SouthState during the first quarter worth approximately $204,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $75.29 on Friday. SouthState Co. has a 12 month low of $72.25 and a 12 month high of $91.74. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 12.09 and a beta of 0.81. The stock’s 50 day moving average price is $80.88 and its 200 day moving average price is $81.84. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.83 and a quick ratio of 0.83.

SouthState (NASDAQ:SSBGet Rating) last posted its quarterly earnings results on Monday, October 24th. The bank reported $1.89 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.89. The company had revenue of $435.39 million for the quarter, compared to analysts’ expectations of $425.77 million. SouthState had a return on equity of 10.05% and a net margin of 29.04%. During the same quarter in the prior year, the company earned $1.94 earnings per share. Equities research analysts anticipate that SouthState Co. will post 7.21 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Friday, November 11th were issued a $0.50 dividend. The ex-dividend date was Wednesday, November 9th. This represents a $2.00 annualized dividend and a dividend yield of 2.66%. SouthState’s dividend payout ratio is currently 32.10%.

Insider Buying and Selling at SouthState

In related news, Director G Ruffner Page, Jr. purchased 6,300 shares of the company’s stock in a transaction on Tuesday, December 13th. The shares were bought at an average price of $78.94 per share, with a total value of $497,322.00. Following the completion of the acquisition, the director now owns 58,935 shares of the company’s stock, valued at $4,652,328.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director G Ruffner Page, Jr. bought 6,300 shares of the business’s stock in a transaction on Tuesday, December 13th. The shares were bought at an average cost of $78.94 per share, with a total value of $497,322.00. Following the purchase, the director now directly owns 58,935 shares in the company, valued at $4,652,328.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Robert R. Hill, Jr. sold 5,000 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $90.00, for a total transaction of $450,000.00. Following the sale, the chairman now directly owns 72,393 shares in the company, valued at $6,515,370. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,249 shares of company stock valued at $2,071,200. Corporate insiders own 1.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SSB shares. Piper Sandler upgraded SouthState from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $92.00 to $96.00 in a research report on Wednesday, September 28th. StockNews.com started coverage on SouthState in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James boosted their price objective on SouthState from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 26th. Finally, Truist Financial reduced their price objective on SouthState from $103.00 to $96.00 in a research report on Friday, December 9th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $94.25.

SouthState Profile

(Get Rating)

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

Further Reading

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Co. (NASDAQ:SSBGet Rating).

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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