Jupiter Asset Management Ltd. Acquires Shares of 44,284 SouthState Co. (NASDAQ:SSB)

Jupiter Asset Management Ltd. acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 44,284 shares of the bank’s stock, valued at approximately $2,912,000. Jupiter Asset Management Ltd. owned approximately 0.06% of SouthState as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oakworth Capital Inc. purchased a new position in shares of SouthState in the second quarter worth about $25,000. Godsey & Gibb Inc. increased its position in SouthState by 400.0% during the second quarter. Godsey & Gibb Inc. now owns 600 shares of the bank’s stock worth $39,000 after purchasing an additional 480 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in SouthState by 37.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after purchasing an additional 161 shares during the last quarter. Ensign Peak Advisors Inc acquired a new stake in SouthState during the first quarter worth about $54,000. Finally, Spire Wealth Management increased its position in SouthState by 47.8% during the first quarter. Spire Wealth Management now owns 1,052 shares of the bank’s stock worth $75,000 after purchasing an additional 340 shares during the last quarter. 88.47% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Up 0.6 %

Shares of SouthState stock opened at $75.40 on Friday. SouthState Co. has a 52-week low of $59.51 and a 52-week high of $88.29. The company has a 50 day moving average of $68.56 and a 200 day moving average of $69.39. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $5.74 billion, a P/E ratio of 10.85 and a beta of 0.79.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Friday, October 27th. The bank reported $1.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.01). SouthState had a return on equity of 10.38% and a net margin of 24.84%. The firm had revenue of $573.36 million during the quarter, compared to analysts’ expectations of $429.70 million. During the same quarter in the prior year, the firm earned $1.89 EPS. As a group, research analysts forecast that SouthState Co. will post 6.71 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.76%. SouthState’s dividend payout ratio is presently 29.93%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Raymond James cut their price objective on shares of SouthState from $85.00 to $80.00 and set an “outperform” rating for the company in a research report on Monday, October 30th. StockNews.com assumed coverage on shares of SouthState in a research report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Truist Financial cut shares of SouthState from a “buy” rating to a “hold” rating and dropped their price objective for the company from $86.00 to $73.00 in a report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, SouthState has a consensus rating of “Hold” and an average price target of $80.50.

Insider Transactions at SouthState

In other news, insider Greg A. Lapointe sold 2,600 shares of SouthState stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $75.82, for a total value of $197,132.00. Following the transaction, the insider now directly owns 21,076 shares of the company’s stock, valued at approximately $1,597,982.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Greg A. Lapointe sold 2,600 shares of SouthState stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $75.82, for a total value of $197,132.00. Following the transaction, the insider now directly owns 21,076 shares of the company’s stock, valued at approximately $1,597,982.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Ruffner Page, Jr. bought 2,633 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was acquired at an average cost of $68.93 per share, for a total transaction of $181,492.69. Following the completion of the acquisition, the director now directly owns 76,811 shares in the company, valued at $5,294,582.23. The disclosure for this purchase can be found here. Insiders own 1.26% of the company’s stock.

SouthState 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.