10,136 Shares in SouthState Co. (NASDAQ:SSB) Acquired by FNY Investment Advisers LLC

FNY Investment Advisers LLC acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,136 shares of the bank’s stock, valued at approximately $1,008,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BIP Wealth LLC increased its stake in shares of SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock valued at $3,054,000 after buying an additional 26,966 shares during the period. Stifel Financial Corp increased its position in SouthState by 10.5% during the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after purchasing an additional 6,062 shares during the period. JPMorgan Chase & Co. raised its holdings in SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after purchasing an additional 25,495 shares during the period. Finally, HighTower Advisors LLC boosted its stake in shares of SouthState by 7.6% during the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after purchasing an additional 787 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on SSB. Truist Financial lowered their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Piper Sandler raised their target price on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Stephens reissued an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research report on Thursday, January 2nd. Finally, UBS Group began coverage on shares of SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $112.56.

SouthState Price Performance

Shares of SSB opened at $92.83 on Tuesday. The firm has a market cap of $7.08 billion, a PE ratio of 14.33 and a beta of 0.70. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $104.71 and a two-hundred day simple moving average of $96.90.

SouthState (NASDAQ:SSB) last announced its 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. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the business posted $1.62 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year. On average, equities analysts anticipate that SouthState Co. will post 6.94 EPS for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.33%. SouthState’s payout ratio is 33.33%.

SouthState Company 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.