Inspire Investing LLC Buys New Holdings in SouthState Co. (NASDAQ:SSB)

Inspire Investing LLC bought a new stake in shares of SouthState Co. (NASDAQ:SSB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,945 shares of the bank’s stock, valued at approximately $286,000.

Several other institutional investors also recently bought and sold shares of the stock. Nicholas Hoffman & Company LLC. boosted its holdings in SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock valued at $1,472,000 after acquiring an additional 123 shares during the period. Raymond James & Associates lifted its holdings in SouthState by 0.6% in the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares during the period. UMB Bank n.a. lifted its holdings in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after buying an additional 192 shares during the period. GAMMA Investing LLC lifted its holdings in SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after buying an additional 333 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in SouthState by 3.7% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock worth $742,000 after buying an additional 344 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research analyst reports. DA Davidson increased their price objective on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Hovde Group increased their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Finally, Stephens raised their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, SouthState currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.89.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction on 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 sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction on 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 sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction on Wednesday, September 18th. The stock was 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 directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

SouthState Stock Down 1.5 %

SSB stock opened at $101.43 on Friday. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $103.82. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a market cap of $7.73 billion, a PE ratio of 16.55 and a beta of 0.67. The business has a 50 day moving average of $95.55 and a 200 day moving average of $85.76.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. During the same quarter last year, the company earned $1.63 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, research analysts forecast that SouthState Co. will post 6.69 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is 35.24%.

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.