International Assets Investment Management LLC Boosts Holdings in SouthState Co. (NASDAQ:SSB)

International Assets Investment Management LLC increased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 9,620.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,458 shares of the bank’s stock after buying an additional 1,443 shares during the quarter. International Assets Investment Management LLC’s holdings in SouthState were worth $142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Waldron Private Wealth LLC purchased a new stake in SouthState in the third quarter valued at approximately $35,000. GAMMA Investing LLC increased its stake in shares of SouthState by 120.7% during 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. UMB Bank n.a. raised its holdings in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState in the second quarter valued at approximately $97,000. Finally, Innealta Capital LLC acquired a new stake in shares of SouthState in the second quarter worth approximately $133,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SSB has been the topic of several analyst reports. Hovde Group lifted their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Citigroup initiated coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Piper Sandler raised their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Truist Financial decreased 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. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, SouthState presently has a consensus rating of “Moderate Buy” and an average target price of $105.11.

SouthState Stock Down 3.4 %

Shares of SSB opened at $107.68 on Friday. The company’s 50-day simple moving average is $97.48 and its 200-day simple moving average is $87.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.92. SouthState Co. has a 1 year low of $67.72 and a 1 year high of $111.99. The stock has a market capitalization of $8.22 billion, a PE ratio of 16.62 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping 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 net margin of 21.24% and a return on equity of 9.41%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.62 earnings per share. Analysts forecast that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Friday, November 8th. SouthState’s payout ratio is presently 33.33%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’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 transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction 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 disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

SouthState 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.