SouthState Co. (NASDAQ:SSB) Shares Bought by FourThought Financial LLC

FourThought Financial LLC grew its stake in SouthState Co. (NASDAQ:SSB – Get Rating) by 6.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,713 shares of the bank’s stock after buying an additional 170 shares during the period. FourThought Financial LLC’s holdings in SouthState were worth $215,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Raymond James & Associates boosted its position in shares of SouthState by 69.1% in the 1st quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock valued at $1,587,000 after purchasing an additional 7,949 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of SouthState by 51.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock valued at $1,832,000 after acquiring an additional 7,622 shares during the period. HighTower Advisors LLC grew 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 acquiring an additional 4,477 shares during the last quarter. Citigroup Inc. increased its holdings in shares of SouthState by 29.1% in the 1st quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock valued at $2,194,000 after acquiring an additional 6,065 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of SouthState in the 1st quarter valued at $204,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SSB has been the topic of several research reports. StockNews.com downgraded shares of SouthState from a “hold” rating to a “sell” rating in a research report on Wednesday. UBS Group assumed coverage on SouthState in a report on Wednesday. They set a “neutral” rating and a $79.00 price target on the stock. Truist Financial reduced their price objective on SouthState from $96.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, February 1st. Raymond James lowered their target price on SouthState from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, January 30th. Finally, Keefe, Bruyette & Woods dropped their target price on SouthState from $110.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, January 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, SouthState presently has an average rating of “Moderate Buy” and an average target price of $92.00.

Insider Transactions at SouthState

In related news, Director G Ruffner Page, Jr. acquired 14,000 shares of SouthState stock in a transaction that occurred on Friday, March 10th. The stock was purchased at an average price of $71.75 per share, for a total transaction of $1,004,500.00. Following the completion of the purchase, the director now directly owns 72,963 shares of the company’s stock, valued at $5,235,095.25. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other SouthState news, Chairman Robert R. Hill, Jr. sold 25,000 shares of the business’s stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $77.00, for a total transaction of $1,925,000.00. Following the sale, the chairman now directly owns 55,100 shares in the company, valued at $4,242,700. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director G Ruffner Page, Jr. purchased 14,000 shares of the company’s stock in a transaction dated Friday, March 10th. The stock was purchased at an average price of $71.75 per share, with a total value of $1,004,500.00. Following the transaction, the director now owns 72,963 shares of the company’s stock, valued at $5,235,095.25. The disclosure for this purchase can be found here. Insiders have sold a total of 122,836 shares of company stock valued at $9,974,384 in the last ninety days. 1.88% of the stock is currently owned by company insiders.

SouthState Price Performance

Shares of SSB opened at $72.76 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock’s 50 day moving average is $79.12 and its two-hundred day moving average is $81.33. SouthState Co. has a twelve month low of $66.56 and a twelve month high of $91.74. The firm has a market capitalization of $5.52 billion, a PE ratio of 11.04 and a beta of 0.81.

SouthState (NASDAQ:SSB – Get Rating) last posted its quarterly earnings results on Friday, January 27th. The bank reported $1.90 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.16). SouthState had a net margin of 29.01% and a return on equity of 10.56%. The business had revenue of $459.40 million during the quarter, compared to analyst estimates of $447.26 million. During the same period in the prior year, the business earned $1.59 earnings per share. The firm’s quarterly revenue was up 31.3% compared to the same quarter last year. Research analysts anticipate that SouthState Co. will post 8.12 earnings per share for the current year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Friday, February 10th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $2.00 annualized dividend and a dividend yield of 2.75%. SouthState’s payout ratio is currently 30.35%.

SouthState Company Profile

(Get Rating)

South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.