F M Investments LLC Acquires 2,300 Shares of SouthState Co. (NASDAQ:SSB)

F M Investments LLC raised its holdings in shares of SouthState Co. (NASDAQ:SSB) by 2.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,876 shares of the bank’s stock after purchasing an additional 2,300 shares during the quarter. F M Investments LLC owned approximately 0.13% of SouthState worth $9,512,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SageView Advisory Group LLC acquired a new position in shares of SouthState in the first quarter valued at about $879,000. BNP Paribas Financial Markets lifted its holdings in shares of SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock worth $3,601,000 after acquiring an additional 19,138 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of SouthState by 107.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock worth $1,616,000 after acquiring an additional 9,843 shares in the last quarter. Entropy Technologies LP acquired a new position in SouthState during the first quarter valued at approximately $562,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of SouthState by 234.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after purchasing an additional 18,374 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Stock Down 0.1 %

Shares of SSB stock traded down $0.11 on Friday, reaching $97.42. 445,528 shares of the company were exchanged, compared to its average volume of 478,403. SouthState Co. has a one year low of $67.69 and a one year high of $103.82. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 15.03 and a beta of 0.67. The company has a 50-day moving average of $96.91 and a 200-day moving average of $86.93. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.90.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.62 earnings per share. Analysts anticipate that SouthState Co. will post 6.85 earnings per share for the current year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.22%. SouthState’s payout ratio is 33.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. DA Davidson boosted their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Hovde Group boosted their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $104.00.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

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.