Chicago Partners Investment Group LLC Grows Stake in SouthState Co. (NASDAQ:SSB)

Chicago Partners Investment Group LLC boosted its stake in SouthState Co. (NASDAQ:SSB) by 7.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,837 shares of the bank’s stock after buying an additional 186 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in SouthState were worth $274,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SSB. Fidelis Capital Partners LLC purchased a new stake in shares of SouthState during the first quarter worth $30,000. Waldron Private Wealth LLC purchased a new stake in SouthState during the 3rd quarter valued at about $35,000. GAMMA Investing LLC grew its stake in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares in the last quarter. UMB Bank n.a. raised its holdings in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in SouthState in the 2nd quarter worth approximately $97,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the 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 sale, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

SouthState Price Performance

SouthState stock opened at $97.68 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market capitalization of $7.45 billion, a price-to-earnings ratio of 15.07 and a beta of 0.66. The company’s 50 day simple moving average is $96.96 and its 200-day simple moving average is $87.35. SouthState Co. has a 1 year low of $67.72 and a 1 year high of $103.82.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the prior year, the firm earned $1.62 earnings per share. The firm’s revenue was down .4% compared to the same quarter last year. As a group, equities research analysts expect that SouthState Co. will post 6.85 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, November 8th. SouthState’s dividend payout ratio is currently 33.33%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SSB. DA Davidson increased their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Truist Financial cut their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Stephens raised their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Hovde Group boosted 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. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $104.00.

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.