Anchor Investment Management LLC Has $1.38 Million Position in SouthState Co. (NASDAQ:SSB)

Anchor Investment Management LLC lowered its position in SouthState Co. (NASDAQ:SSB) by 2.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,082 shares of the bank’s stock after selling 500 shares during the quarter. Anchor Investment Management LLC’s holdings in SouthState were worth $1,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. SageView Advisory Group LLC acquired a new position in shares of SouthState in the first quarter valued at approximately $879,000. BNP Paribas Financial Markets boosted its holdings in SouthState by 82.5% in the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after acquiring an additional 19,138 shares during the last quarter. Vanguard Group Inc. boosted its holdings in SouthState by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after acquiring an additional 54,147 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in SouthState in the first quarter valued at approximately $2,754,000. Finally, Janney Montgomery Scott LLC boosted its holdings in SouthState by 107.4% in the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock valued at $1,616,000 after acquiring an additional 9,843 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on SSB. Hovde Group upped their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their target price on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Stephens upped their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Truist Financial upped their target price on SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, DA Davidson increased their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $103.00.

Insider Buying and Selling

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

SouthState Price Performance

SouthState stock opened at $94.65 on Friday. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 15.44 and a beta of 0.67. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $102.82. The stock’s 50 day moving average price is $94.34 and its two-hundred day moving average price is $84.39. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. During the same period last year, the business earned $1.63 EPS. SouthState’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities analysts predict that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a $0.54 dividend. This is a boost from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is currently 35.24%.

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.