Bfsg LLC Takes Position in SouthState Co. (NASDAQ:SSB)

Bfsg LLC purchased a new position in SouthState Co. (NASDAQ:SSB) during the fourth quarter, HoldingsChannel reports. The firm purchased 2,530 shares of the bank’s stock, valued at approximately $214,000.

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

SouthState Price Performance

Shares of NASDAQ SSB traded down $1.69 during midday trading on Thursday, reaching $78.45. 62,746 shares of the stock traded hands, compared to its average volume of 409,550. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market capitalization of $5.98 billion, a PE ratio of 12.22 and a beta of 0.74. SouthState Co. has a one year low of $59.51 and a one year high of $87.77. The company’s 50 day moving average is $81.68 and its 200 day moving average is $78.81.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.13. The company had revenue of $419.72 million during the quarter, compared to the consensus estimate of $419.08 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%. On average, equities research analysts anticipate that SouthState Co. will post 6.51 earnings per share for the current year.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

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

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.