J.W. Cole Advisors Inc. Lowers Holdings in SouthState Co. (NASDAQ:SSB)

J.W. Cole Advisors Inc. trimmed its holdings in SouthState Co. (NASDAQ:SSB) by 10.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 4,430 shares of the bank’s stock after selling 510 shares during the period. J.W. Cole Advisors Inc.’s holdings in SouthState were worth $339,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after acquiring an additional 272 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of SouthState during the 1st quarter worth about $30,000. TFO Wealth Partners LLC boosted its stake in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after acquiring an additional 402 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of SouthState by 120.7% during 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. Finally, Innealta Capital LLC purchased a new stake in shares of SouthState during the 2nd quarter worth about $133,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on SSB. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Piper Sandler raised their price target on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Hovde Group raised their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods raised 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. Finally, Stephens raised their price target on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, SouthState has a consensus rating of “Hold” and a consensus price target of $102.75.

SouthState Stock Up 0.4 %

SSB stock opened at $99.10 on Thursday. The company has a market cap of $7.55 billion, a price-to-earnings ratio of 16.17 and a beta of 0.67. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12 month low of $63.36 and a 12 month high of $102.59. The firm has a 50-day moving average of $92.74 and a two-hundred day moving average of $83.41.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The company had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. SouthState’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 EPS. As a group, analysts forecast that SouthState Co. will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.18%. SouthState’s dividend payout ratio is presently 35.24%.

Insider Transactions at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.26% of the company’s stock.

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.