BIP Wealth LLC Has $3.05 Million Position in SouthState Co. (NASDAQ:SSB)

BIP Wealth LLC raised its stake in shares of SouthState Co. (NASDAQ:SSB) by 605.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,422 shares of the bank’s stock after acquiring an additional 26,966 shares during the quarter. BIP Wealth LLC’s holdings in SouthState were worth $3,054,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SSB. Caprock Group LLC bought a new position in SouthState in the 3rd quarter valued at $236,000. LMR Partners LLP bought a new position in shares of SouthState in the third quarter valued at about $645,000. Stieven Capital Advisors L.P. acquired a new position in SouthState during the 3rd quarter worth about $9,086,000. Thrivent Financial for Lutherans lifted its position in SouthState by 1.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 38,875 shares of the bank’s stock worth $3,778,000 after buying an additional 601 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in SouthState by 11.9% in the 3rd quarter. Natixis Advisors LLC now owns 20,928 shares of the bank’s stock valued at $2,034,000 after acquiring an additional 2,226 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity

In related news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The transaction 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 that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Truist Financial reduced their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Stephens upped their price target on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. DA Davidson lifted their price objective on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Citigroup initiated coverage on SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SouthState currently has a consensus rating of “Hold” and a consensus price target of $105.11.

SouthState Stock Performance

Shares of NASDAQ:SSB opened at $105.58 on Tuesday. The firm’s 50 day simple moving average is $98.93 and its 200 day simple moving average is $89.04. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $113.14. The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of 15.28 and a beta of 0.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same period last year, the firm posted $1.62 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts forecast that SouthState Co. will post 6.92 earnings per share for the current year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio is currently 33.33%.

About SouthState

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.