Intech Investment Management LLC Acquires New Position in SouthState Co. (NASDAQ:SSB)

Intech Investment Management LLC acquired a new stake in SouthState Co. (NASDAQ:SSB) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,519 shares of the bank’s stock, valued at approximately $1,605,000.

Several other large investors have also bought and sold shares of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in SouthState by 33.9% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 165,356 shares of the bank’s stock valued at $16,070,000 after buying an additional 41,874 shares during the period. Segall Bryant & Hamill LLC lifted its holdings in SouthState by 3.8% in the third quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank’s stock valued at $60,454,000 after buying an additional 22,855 shares during the period. BIP Wealth LLC raised its holdings in SouthState by 605.2% in the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after purchasing an additional 26,966 shares during the period. Caprock Group LLC acquired a new stake in SouthState in the third quarter worth $236,000. Finally, LMR Partners LLP acquired a new stake in SouthState in the third quarter worth $645,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at SouthState

In other 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 completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 6.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated 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 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 11.91 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SSB. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Citigroup initiated coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Finally, Piper Sandler raised their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $105.11.

SouthState Trading Up 3.0 %

Shares of NASDAQ:SSB opened at $112.25 on Tuesday. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $100.24 and its 200 day simple moving average is $89.98. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of 17.32 and a beta of 0.66.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.62 earnings per share. As a group, research analysts forecast that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is currently 33.33%.

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.