Edgestream Partners L.P. Acquires New Position in SouthState Co. (NASDAQ:SSB)

Edgestream Partners L.P. acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 18,756 shares of the bank’s stock, valued at approximately $1,433,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Parallel Advisors LLC raised its stake in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after purchasing an additional 272 shares during the period. Fidelis Capital Partners LLC purchased a new position in SouthState during the first quarter worth approximately $30,000. TFO Wealth Partners LLC raised its stake in SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the period. GAMMA Investing LLC raised its stake in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares during the period. Finally, Innealta Capital LLC purchased a new position in SouthState during the second quarter worth approximately $133,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the topic of a number of recent analyst reports. DA Davidson increased their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Hovde Group increased their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Truist Financial increased their price objective on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday. Stephens increased their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Piper Sandler increased their price objective on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $103.00.

SouthState Price Performance

Shares of SSB stock opened at $98.78 on Friday. The firm has a market cap of $7.53 billion, a P/E ratio of 16.11 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a 1-year low of $63.36 and a 1-year high of $102.82. The firm has a fifty day moving average of $93.43 and a two-hundred day moving average of $83.65.

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

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO William E. V. Matthews sold 5,000 shares of SouthState 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 transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

SouthState 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.