Bfsg LLC Takes $214,000 Position in SouthState Co. (NASDAQ:SSB)

Bfsg LLC acquired a new stake in SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,530 shares of the bank’s stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Wedge Capital Management L L P NC raised its position in shares of SouthState by 6.0% during the 4th quarter. Wedge Capital Management L L P NC now owns 132,862 shares of the bank’s stock valued at $11,220,000 after acquiring an additional 7,543 shares in the last quarter. Nicholas Hoffman & Company LLC. increased its position in SouthState by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock worth $1,606,000 after buying an additional 131 shares during the period. Xponance Inc. increased its position in SouthState by 2.3% in the fourth quarter. Xponance Inc. now owns 11,183 shares of the bank’s stock worth $944,000 after buying an additional 252 shares during the period. Federated Hermes Inc. increased its position in SouthState by 14.9% in the fourth quarter. Federated Hermes Inc. now owns 69,209 shares of the bank’s stock worth $5,845,000 after buying an additional 8,985 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in SouthState by 6.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,768 shares of the bank’s stock worth $1,332,000 after buying an additional 987 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The disclosure for this sale can be found here. Insiders sold 11,925 shares of company stock worth $988,686 in the last quarter. 1.26% of the stock is owned by company insiders.

SouthState Price Performance

SSB stock traded down $1.69 during trading hours on Thursday, hitting $78.45. 62,746 shares of the stock traded hands, compared to its average volume of 409,550. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. SouthState Co. has a one year low of $59.51 and a one year high of $87.77. The company has a market cap of $5.98 billion, a P/E ratio of 12.22 and a beta of 0.74. The stock has a 50-day simple moving average of $81.68 and a 200 day simple moving average of $78.81.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.13. SouthState had a return on equity of 9.85% and a net margin of 22.15%. The business had revenue of $419.72 million during the quarter, compared to analyst estimates of $419.08 million. Equities analysts forecast that SouthState Co. will post 6.51 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. DA Davidson reissued a “buy” rating and set a $102.00 price target (up from $96.00) on shares of SouthState in a report on Monday, January 29th. Truist Financial lowered their price target on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. Finally, UBS Group raised their target price on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $87.80.

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.