Harbor Capital Advisors Inc. Trims Stock Position in SouthState Co. (NASDAQ:SSB)

Harbor Capital Advisors Inc. lessened its holdings in SouthState Co. (NASDAQ:SSB) by 7.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,986 shares of the bank’s stock after selling 151 shares during the period. Harbor Capital Advisors Inc.’s holdings in SouthState were worth $198,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Waldron Private Wealth LLC purchased a new stake in SouthState in the 3rd quarter worth approximately $35,000. UMB Bank n.a. raised its position in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState during the second quarter worth $97,000. International Assets Investment Management LLC increased its holdings in SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,443 shares during the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new stake in SouthState in the 2nd quarter worth $151,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SSB. Piper Sandler lifted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Truist Financial reduced their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Thursday, January 2nd. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price objective (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $112.56.

SouthState Stock Performance

Shares of NASDAQ:SSB opened at $96.89 on Wednesday. The firm’s 50 day simple moving average is $104.63 and its 200-day simple moving average is $97.17. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. SouthState Co. has a one year low of $70.68 and a one year high of $114.26. The firm has a market cap of $7.39 billion, a PE ratio of 14.95 and a beta of 0.70.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating 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 business had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the company posted $1.62 EPS. SouthState’s revenue was down .4% on a year-over-year basis. As a group, equities analysts predict that SouthState Co. will post 6.94 EPS for the current year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s payout ratio is 33.33%.

About SouthState

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.