[ad_1]
Alliancebernstein L.P. increased its stake in shares of SouthState Co. (NASDAQ:SSB – Free Report) by 44.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 300,047 shares of the bank’s stock after buying an additional 92,342 shares during the quarter. Alliancebernstein L.P.’s holdings in SouthState were worth $27,850,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock worth $53,000 after buying an additional 485 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock worth $54,000 after acquiring an additional 378 shares during the last quarter. Summit Securities Group LLC increased its stake in shares of SouthState by 81.5% in the first quarter. Summit Securities Group LLC now owns 688 shares of the bank’s stock worth $64,000 after acquiring an additional 309 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of SouthState by 1,103.4% during the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the bank’s stock worth $64,000 after acquiring an additional 640 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in SouthState during the first quarter valued at $67,000. Institutional investors and hedge funds own 89.76% of the company’s stock.
Insider Buying and Selling at SouthState
In other news, Director G Stacy Smith purchased 2,500 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the acquisition, the director directly owned 39,546 shares of the company’s stock, valued at approximately $3,650,095.80. The trade was a 6.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 5,000 shares of SouthState stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider owned 31,785 shares in the company, valued at $3,165,786. The trade was a 13.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 8,338 shares of company stock worth $786,321 over the last ninety days. Company insiders own 1.70% of the company’s stock.
Analyst Ratings Changes
Several research analysts have weighed in on the company. Hovde Group upped their target price on SouthState from $97.00 to $105.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. Barclays increased their price objective on SouthState from $117.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Truist Financial assumed coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a “buy” rating and a $106.00 price objective on the stock. Jefferies Financial Group started coverage on shares of SouthState in a research report on Wednesday, May 21st. They issued a “buy” rating and a $110.00 target price for the company. Finally, Citigroup restated a “buy” rating and set a $117.00 price target (up previously from $113.00) on shares of SouthState in a report on Monday, July 28th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $115.27.
View Our Latest Analysis on SouthState
SouthState Stock Down 1.2%
Shares of SouthState stock opened at $100.98 on Wednesday. The stock has a market capitalization of $10.22 billion, a P/E ratio of 14.51 and a beta of 0.74. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average price of $97.52 and a two-hundred day moving average price of $92.35. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.26.
SouthState (NASDAQ:SSB – Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.32. SouthState had a net margin of 22.38% and a return on equity of 9.62%. The company had revenue of $840.50 million for the quarter, compared to analyst estimates of $645.12 million. During the same quarter last year, the firm posted $1.74 earnings per share. Equities analysts expect that SouthState Co. will post 8.12 earnings per share for the current year.
SouthState Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. This is a positive change from SouthState’s previous quarterly dividend of $0.54. SouthState’s dividend payout ratio (DPR) is presently 35.77%.
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.
Featured Articles
Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Co. (NASDAQ:SSB – Free Report).
Receive News & Ratings for SouthState Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for SouthState and related companies with MarketBeat.com’s FREE daily email newsletter.
[ad_2]
ABMN Staff
Source link