MQS Management LLC Purchases Shares of 5,623 SouthState Co. (NASDAQ:SSB)

MQS Management LLC acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 5,623 shares of the bank’s stock, valued at approximately $430,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Parallel Advisors LLC lifted its holdings in SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after acquiring an additional 272 shares during the period. Fidelis Capital Partners LLC purchased a new position in shares of SouthState during the 1st quarter valued at approximately $30,000. TFO Wealth Partners LLC lifted its stake in shares of SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares during the period. GAMMA Investing LLC lifted its stake in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. Finally, Innealta Capital LLC purchased a new stake in SouthState during the second quarter worth $133,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Up 2.5 %

NASDAQ SSB opened at $101.58 on Friday. The business has a fifty day moving average price of $93.12 and a 200 day moving average price of $83.53. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $7.74 billion, a P/E ratio of 16.57 and a beta of 0.67. SouthState Co. has a one year low of $63.36 and a one year high of $102.82.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The business had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. During the same period in the prior year, the business earned $1.63 earnings per share. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts anticipate that SouthState Co. will post 6.7 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This is a boost from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Friday, August 9th. SouthState’s payout ratio is currently 35.24%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SSB shares. Hovde Group lifted their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. DA Davidson upped their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Piper Sandler raised 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. Finally, Stephens upped their target price on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $102.75.

Insider Activity

In other news, 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 transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.26% of the company’s stock.

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.