MML Investors Services LLC Lowers Stock Holdings in SouthState Co. (NASDAQ:SSB)

MML Investors Services LLC reduced its holdings in SouthState Co. (NASDAQ:SSB) by 3.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,168 shares of the bank’s stock after selling 110 shares during the quarter. MML Investors Services LLC’s holdings in SouthState were worth $308,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC acquired a new position in shares of SouthState during the 3rd quarter valued at about $35,000. UMB Bank n.a. grew its holdings in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in SouthState during the second quarter worth approximately $97,000. Innealta Capital LLC purchased a new position in SouthState during the second quarter worth approximately $133,000. Finally, International Assets Investment Management LLC boosted its holdings in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,443 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Stock Up 0.5 %

NASDAQ SSB opened at $101.14 on Wednesday. The stock has a market cap of $7.72 billion, a PE ratio of 15.61 and a beta of 0.69. The business has a 50 day moving average price of $104.81 and a two-hundred day moving average price of $94.58. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week 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.

SouthState (NASDAQ:SSB) last released its quarterly 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. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same period last year, the business earned $1.62 EPS. The business’s revenue was down .4% on a year-over-year basis. As a group, sell-side analysts predict that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is 33.33%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SSB shares. UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price on the stock. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial decreased their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Stephens upgraded shares of SouthState from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.78.

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.