Caprock Group LLC Purchases Shares of 2,427 SouthState Co. (NASDAQ:SSB)

Caprock Group LLC acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,427 shares of the bank’s stock, valued at approximately $236,000.

Several other large investors have also modified their holdings of the stock. Waldron Private Wealth LLC purchased a new position in shares of SouthState in the third quarter worth approximately $35,000. UMB Bank n.a. boosted its stake in 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 purchasing an additional 192 shares during the period. GAMMA Investing LLC grew its position in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState during the 2nd quarter valued at $97,000. Finally, International Assets Investment Management LLC lifted its holdings in shares of SouthState by 9,620.0% in 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 in the last quarter. 89.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SSB. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens increased their price target on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Citigroup began coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Truist Financial lowered their price target 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. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $105.11.

Insider Activity

In other news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred 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 sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

SouthState Stock Up 2.0 %

SouthState stock opened at $109.00 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $113.14. The firm’s fifty day simple moving average is $100.24 and its 200-day simple moving average is $89.98. The company has a market capitalization of $8.32 billion, a P/E ratio of 16.82 and a beta of 0.66.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during 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 business’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 earnings per share. Sell-side analysts forecast that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently declared 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. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 1.98%. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

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.