Red Spruce Capital LLC Has $3.28 Million Stock Holdings in SouthState Co. (NASDAQ:SSB)

Red Spruce Capital LLC raised its holdings in shares of SouthState Co. (NASDAQ:SSB) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 33,746 shares of the bank’s stock after acquiring an additional 611 shares during the period. SouthState makes up 1.5% of Red Spruce Capital LLC’s holdings, making the stock its 21st largest position. Red Spruce Capital LLC’s holdings in SouthState were worth $3,279,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in SSB. Parallel Advisors LLC grew its holdings in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of SouthState in the 1st quarter valued at $30,000. TFO Wealth Partners LLC increased its position 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 buying an additional 402 shares in the last quarter. GAMMA Investing LLC raised its stake in SouthState by 120.7% during 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, Point72 Asia Singapore Pte. Ltd. bought a new position in SouthState during the second quarter worth about $97,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’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 owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other 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 transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

SouthState Stock Up 1.9 %

NASDAQ SSB traded up $1.79 during trading hours on Friday, hitting $96.44. 429,923 shares of the company traded hands, compared to its average volume of 480,361. 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 business’s 50-day moving average is $94.21 and its 200-day moving average is $84.58. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 15.73 and a beta of 0.67. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $102.82.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $418.08 million. The firm’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the business earned $1.63 earnings per share. Sell-side analysts anticipate that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were paid a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is 35.24%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SSB. Keefe, Bruyette & Woods lifted their price target on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Hovde Group boosted their price objective 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. Stephens increased their target price on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. DA Davidson lifted their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Truist Financial upped their price objective on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $103.00.

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.