Natixis Advisors LLC Buys 2,226 Shares of SouthState Co. (NASDAQ:SSB)

Natixis Advisors LLC grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 11.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,928 shares of the bank’s stock after acquiring an additional 2,226 shares during the period. Natixis Advisors LLC’s holdings in SouthState were worth $2,034,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SSB. Waldron Private Wealth LLC bought a new stake in shares of SouthState in the 3rd quarter valued at about $35,000. GAMMA Investing LLC raised its position in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState during the second quarter valued at about $97,000. Finally, Innealta Capital LLC purchased a new position in SouthState in the second quarter valued at about $133,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Trading Up 3.0 %

NASDAQ SSB opened at $112.25 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a market capitalization of $8.56 billion, a P/E ratio of 17.27 and a beta of 0.66. The firm’s 50-day moving average is $100.24 and its two-hundred day moving average is $89.98. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the prior year, the firm earned $1.62 earnings per share. The firm’s revenue was down .4% compared to the same quarter last year. On average, sell-side analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 1.92%. SouthState’s dividend payout ratio is presently 33.33%.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 11.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, 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 sale, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Truist Financial cut their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Piper Sandler raised their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens upped their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Citigroup began coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $105.11.

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.