Los Angeles Capital Management LLC Acquires New Shares in SouthState Co. (NASDAQ:SSB)

Los Angeles Capital Management LLC bought a new position in SouthState Co. (NASDAQ:SSB) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,135 shares of the bank’s stock, valued at approximately $207,000.

A number of other hedge funds also recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC bought a new position in shares of SouthState during the third quarter worth about $35,000. GAMMA Investing LLC increased its stake in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. UMB Bank n.a. raised its holdings in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of SouthState during the second quarter worth approximately $97,000. Finally, Innealta Capital LLC bought a new position in SouthState in the 2nd quarter worth approximately $133,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Down 0.5 %

NASDAQ SSB opened at $105.58 on Tuesday. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $113.14. The company has a market capitalization of $8.05 billion, a P/E ratio of 16.29 and a beta of 0.66. The company’s 50 day simple moving average is $98.93 and its 200 day simple moving average is $89.04. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. Equities research analysts expect that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.05%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on SSB shares. Truist Financial cut their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Citigroup began coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. DA Davidson increased their target price on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Stephens increased their price objective on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $105.11.

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.