International Assets Investment Management LLC Raises Position in SouthState Co. (NASDAQ:SSB)

International Assets Investment Management LLC boosted its position in SouthState Co. (NASDAQ:SSB) by 9,620.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,458 shares of the bank’s stock after purchasing an additional 1,443 shares during the period. International Assets Investment Management LLC’s holdings in SouthState were worth $142,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Waldron Private Wealth LLC purchased a new position in shares of SouthState in the 3rd quarter valued at about $35,000. Calton & Associates Inc. acquired a new stake in shares of SouthState in the third quarter valued at approximately $435,000. Builder Investment Group Inc. ADV purchased a new stake in SouthState in the 3rd quarter valued at approximately $235,000. Trust Point Inc. raised its stake in SouthState by 6.3% in the 3rd quarter. Trust Point Inc. now owns 13,936 shares of the bank’s stock valued at $1,354,000 after purchasing an additional 827 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in SouthState in the 3rd quarter valued at about $418,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SouthState news, 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 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now 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. Corporate insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

SSB has been the subject of several recent analyst reports. Stephens lifted their target price on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. DA Davidson boosted their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Hovde Group boosted their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, Piper Sandler increased their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $105.11.

SouthState Price Performance

Shares of NASDAQ SSB opened at $107.68 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.90. The firm has a market capitalization of $8.22 billion, a PE ratio of 16.62 and a beta of 0.66. SouthState Co. has a 1-year low of $67.72 and a 1-year high of $111.99. The business’s fifty day moving average price is $97.48 and its two-hundred day moving average price is $87.66.

SouthState (NASDAQ:SSB) last released 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. The business had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $1.62 EPS. On average, research analysts expect that SouthState Co. will post 6.92 EPS for the current year.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. SouthState’s dividend payout ratio is presently 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.