Smith Chas P & Associates PA Cpas Sells 241 Shares of SouthState Co. (NASDAQ:SSB)

Smith Chas P & Associates PA Cpas lowered its position in SouthState Co. (NASDAQ:SSB) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,321 shares of the bank’s stock after selling 241 shares during the period. Smith Chas P & Associates PA Cpas’ holdings in SouthState were worth $1,126,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new stake in SouthState in the fourth quarter worth about $21,498,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in SouthState by 64.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock valued at $25,809,000 after buying an additional 103,756 shares during the last quarter. Stieven Capital Advisors L.P. bought a new stake in SouthState in the third quarter worth $9,086,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SouthState by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after buying an additional 72,181 shares during the last quarter. Finally, Prospector Partners LLC lifted its stake in shares of SouthState by 52.8% in the 3rd quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock valued at $18,003,000 after purchasing an additional 64,013 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SSB has been the topic of several analyst reports. Citigroup started coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Stephens reissued an “overweight” rating and set a $130.00 target price on shares of SouthState in a research report on Friday. UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Truist Financial decreased their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $112.56.

SouthState Stock Performance

NASDAQ SSB opened at $103.29 on Friday. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The firm has a market capitalization of $7.88 billion, a P/E ratio of 15.94 and a beta of 0.70. The stock has a 50-day simple moving average of $103.32 and a two-hundred day simple moving average of $98.36. 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 (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the prior year, the firm posted $1.62 earnings per share. The company’s revenue was down .4% compared to the same quarter last year. On average, equities analysts forecast that SouthState Co. will post 6.99 earnings per share for the current year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.09%. SouthState’s dividend payout ratio (DPR) is 33.33%.

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.