Edgestream Partners L.P. Invests $1.43 Million in SouthState Co. (NASDAQ:SSB)

Edgestream Partners L.P. acquired a new position in shares of SouthState Co. (NASDAQ:SSB) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 18,756 shares of the bank’s stock, valued at approximately $1,433,000.

Several other institutional investors have also modified their holdings of SSB. Renaissance Technologies LLC purchased a new stake in SouthState in the second quarter valued at $4,829,000. Dimensional Fund Advisors LP lifted its position in SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after acquiring an additional 371,987 shares during the last quarter. Brown Brothers Harriman & Co. lifted its position in SouthState by 3.7% in the second quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock valued at $742,000 after acquiring an additional 344 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in SouthState by 4.7% in the second quarter. Envestnet Asset Management Inc. now owns 156,729 shares of the bank’s stock valued at $11,977,000 after acquiring an additional 7,073 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in SouthState by 4.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 22,996 shares of the bank’s stock valued at $1,757,000 after acquiring an additional 939 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Trading Down 2.8 %

Shares of SouthState stock opened at $98.78 on Friday. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $102.82. 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 company’s 50-day simple moving average is $93.43 and its 200-day simple moving average is $83.65. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 16.11 and a beta of 0.67.

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

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were given a dividend of $0.54 per share. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, August 9th. SouthState’s dividend payout ratio is presently 35.24%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SSB. Piper Sandler boosted their price target on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Truist Financial upped their target price on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday. Hovde Group upped their target price 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 upped their target price on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, DA Davidson upped their target price on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $103.00.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated 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 directly owns 36,964 shares in the company, valued at approximately $3,696,400. 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.