Tidal Investments LLC Sells 1,113 Shares of SouthState Co. (NASDAQ:SSB)

Tidal Investments LLC cut its stake in SouthState Co. (NASDAQ:SSB) by 29.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,691 shares of the bank’s stock after selling 1,113 shares during the period. Tidal Investments LLC’s holdings in SouthState were worth $262,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Waldron Private Wealth LLC bought a new stake in shares of SouthState in the third quarter valued at about $35,000. UMB Bank n.a. lifted its position in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState during the 2nd quarter worth approximately $97,000. International Assets Investment Management LLC increased its position in shares of SouthState by 9,620.0% during the third 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 period. Finally, Innealta Capital LLC acquired a new position in shares of SouthState in the second quarter valued at $133,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SSB shares. Citigroup started coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Stephens raised shares of SouthState from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler increased their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, SouthState has an average rating of “Moderate Buy” and an average price target of $109.78.

SouthState Stock Performance

Shares of NASDAQ:SSB opened at $101.14 on Wednesday. The business has a fifty day moving average of $104.81 and a 200-day moving average of $94.58. The firm has a market cap of $7.72 billion, a PE ratio of 15.61 and a beta of 0.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26.

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

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio is 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.