SouthState Co. (NASDAQ:SSB) Holdings Increased by Hunter Perkins Capital Management LLC

Hunter Perkins Capital Management LLC grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 2.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,290 shares of the bank’s stock after buying an additional 870 shares during the quarter. Hunter Perkins Capital Management LLC’s holdings in SouthState were worth $3,235,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Creative Planning raised its holdings in shares of SouthState by 26.7% in the 3rd quarter. Creative Planning now owns 18,196 shares of the bank’s stock worth $1,768,000 after purchasing an additional 3,831 shares in the last quarter. Smith Chas P & Associates PA Cpas purchased a new position in shares of SouthState in the third quarter worth approximately $1,124,000. Inspire Investing LLC purchased a new position in shares of SouthState in the third quarter worth approximately $286,000. Moisand Fitzgerald Tamayo LLC increased its position in shares of SouthState by 1,313.4% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 2,318 shares of the bank’s stock worth $225,000 after acquiring an additional 2,154 shares in the last quarter. Finally, UMB Bank n.a. increased its position in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 1.2 %

SSB traded up $1.21 on Wednesday, reaching $102.75. 268,548 shares of the company traded hands, compared to its average volume of 475,724. The stock’s 50 day moving average price is $94.45 and its 200-day moving average price is $85.24. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $103.82. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 16.56 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping the consensus estimate of $1.54 by $0.25. The company had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 earnings per share. On average, sell-side analysts expect that SouthState Co. will post 6.69 EPS for the current fiscal year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.10%. This is an increase from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s payout ratio is currently 35.24%.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was 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 of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SSB. DA Davidson lifted their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods lifted their target price on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Hovde Group lifted their target price on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. Finally, Truist Financial boosted their price objective on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $102.89.

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, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.