SG Americas Securities LLC Has $1.08 Million Stake in SouthState Co. (NASDAQ:SSB)

SG Americas Securities LLC raised its stake in SouthState Co. (NASDAQ:SSB) by 66.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,107 shares of the bank’s stock after acquiring an additional 4,432 shares during the period. SG Americas Securities LLC’s holdings in SouthState were worth $1,079,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Fidelis Capital Partners LLC bought a new position in SouthState in the first quarter valued at approximately $30,000. GAMMA Investing LLC raised its position in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in SouthState during the 2nd quarter worth approximately $97,000. Innealta Capital LLC bought a new stake in shares of SouthState in the 2nd quarter valued at $133,000. Finally, William B. Walkup & Associates Inc. acquired a new stake in SouthState during the 2nd quarter worth about $151,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity

In other SouthState 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 transaction of $500,000.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing 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 stock in a transaction on 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 owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares in the company, valued at $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.

SouthState Trading Down 0.7 %

Shares of SSB opened at $95.78 on Friday. The business’s 50-day moving average price is $94.04 and its 200-day moving average price is $84.97. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $102.82. The stock has a market cap of $7.30 billion, a PE ratio of 15.62 and a beta of 0.67.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data 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 the consensus estimate of $418.08 million. During the same quarter last year, the business posted $1.63 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts forecast that SouthState Co. will post 6.69 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were given a $0.54 dividend. The ex-dividend date was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.26%. SouthState’s payout ratio is 35.24%.

Analyst Upgrades and Downgrades

A number of research firms have commented on SSB. Stephens raised their price target on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Hovde Group increased their target price on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Citigroup started coverage on SouthState in a report on Thursday. They issued a “neutral” rating and a $102.00 target price for the company. DA Davidson increased their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.89.

About SouthState

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.