Chicago Partners Investment Group LLC Purchases New Shares in SouthState Co. (NASDAQ:SSB)

Chicago Partners Investment Group LLC purchased a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,609 shares of the bank’s stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of SouthState during the fourth quarter worth $75,485,000. Franklin Resources Inc. raised its holdings in shares of SouthState by 26.8% in the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after acquiring an additional 466,144 shares in the last quarter. Capital World Investors raised its holdings in shares of SouthState by 31.8% in the fourth quarter. Capital World Investors now owns 620,510 shares of the bank’s stock valued at $52,402,000 after acquiring an additional 149,745 shares in the last quarter. Capital International Investors raised its holdings in shares of SouthState by 24.2% in the fourth quarter. Capital International Investors now owns 596,520 shares of the bank’s stock valued at $50,376,000 after acquiring an additional 116,313 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of SouthState by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,882,211 shares of the bank’s stock valued at $243,408,000 after acquiring an additional 94,637 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the subject of several recent research reports. Piper Sandler lifted their price objective on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. Truist Financial cut their target price on SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research note on Monday, April 29th. Raymond James upgraded SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 target price on the stock in a research note on Tuesday, May 21st. Finally, Keefe, Bruyette & Woods lifted their target price on SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $91.00.

SouthState Trading Up 0.6 %

SouthState stock opened at $73.12 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. SouthState Co. has a 52 week low of $63.36 and a 52 week high of $87.77. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 11.93 and a beta of 0.71. The stock has a 50-day moving average price of $77.36 and a 200 day moving average price of $80.76.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same quarter in the previous year, the company posted $1.93 earnings per share. The company’s revenue was down 8.2% compared to the same quarter last year. Sell-side analysts anticipate that SouthState Co. will post 6.34 EPS for the current year.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, May 9th. SouthState’s payout ratio is presently 33.93%.

SouthState Company 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.