Sanctuary Advisors LLC Makes New $265,000 Investment in SouthState Co. (NASDAQ:SSB)

Sanctuary Advisors LLC purchased a new stake in SouthState Co. (NASDAQ:SSB) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,725 shares of the bank’s stock, valued at approximately $265,000.

Other institutional investors also recently modified their holdings of the company. Waldron Private Wealth LLC bought a new position in SouthState in the 3rd quarter worth $35,000. UMB Bank n.a. grew its position in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState in the second quarter worth about $97,000. International Assets Investment Management LLC lifted its position in shares of SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares during the last quarter. Finally, William B. Walkup & Associates Inc. bought a new stake in SouthState during the 2nd quarter valued at approximately $151,000. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Down 1.6 %

Shares of SSB opened at $100.62 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average price of $104.76 and a two-hundred day moving average price of $94.87. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 15.53 and a beta of 0.69. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same quarter in the previous year, the firm earned $1.62 EPS. SouthState’s quarterly revenue was down .4% on a year-over-year basis. Equities analysts predict that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently announced 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 dividend yield of 2.15%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is currently 33.33%.

Wall Street Analyst Weigh In

SSB has been the topic of several recent analyst reports. Truist Financial cut their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Citigroup began coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens raised shares of SouthState from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Finally, UBS Group initiated coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $109.78.

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.