De Lisle Partners LLP Takes $253,000 Position in SouthState Co. (NASDAQ:SSB)

De Lisle Partners LLP bought a new position in shares of SouthState Co. (NASDAQ:SSB) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 2,601 shares of the bank’s stock, valued at approximately $253,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in shares of SouthState by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank’s stock valued at $4,234,000 after purchasing an additional 2,899 shares during the period. Hancock Whitney Corp bought a new position in shares of SouthState during the 1st quarter worth approximately $564,000. Red Spruce Capital LLC raised its holdings in shares of SouthState by 10.2% in the second quarter. Red Spruce Capital LLC now owns 33,135 shares of the bank’s stock valued at $2,532,000 after purchasing an additional 3,065 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares in the last quarter. Finally, NBC Securities Inc. boosted its holdings in SouthState by 1.6% during the second quarter. NBC Securities Inc. now owns 96,194 shares of the bank’s stock worth $7,351,000 after purchasing an additional 1,529 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Truist Financial cut their price target 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. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target for the company. Stephens lifted their price objective on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $105.11.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

SouthState Trading Up 0.2 %

Shares of NASDAQ:SSB opened at $111.25 on Friday. The stock has a market cap of $8.49 billion, a PE ratio of 17.17 and a beta of 0.66. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The business has a 50 day moving average of $101.02 and a 200-day moving average of $90.56.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 EPS. As a group, equities research analysts forecast that SouthState Co. will post 6.94 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. Investors 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 yield of 1.94%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio is 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.