Xponance Inc. Grows Holdings in SouthState Co. (NASDAQ:SSB)

Xponance Inc. grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 2.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,183 shares of the bank’s stock after acquiring an additional 252 shares during the period. Xponance Inc.’s holdings in SouthState were worth $944,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Teachers Retirement System of The State of Kentucky raised its stake in shares of SouthState by 44.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock worth $3,413,000 after acquiring an additional 15,599 shares in the last quarter. Versor Investments LP purchased a new position in SouthState during the 3rd quarter worth $424,000. Envestnet Asset Management Inc. increased its position in SouthState by 112.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock valued at $9,689,000 after buying an additional 76,153 shares in the last quarter. Sei Investments Co. grew its stake in shares of SouthState by 5.4% during the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock worth $19,277,000 after acquiring an additional 14,688 shares during the last quarter. Finally, Pacer Advisors Inc. increased its holdings in shares of SouthState by 80.4% during the fourth quarter. Pacer Advisors Inc. now owns 11,431 shares of the bank’s stock valued at $965,000 after acquiring an additional 5,095 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SouthState

In related news, COO Renee R. Brooks sold 4,025 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares in the company, valued at $2,718,178.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other SouthState news, COO Renee R. Brooks sold 4,025 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total transaction of $344,620.50. Following the transaction, the chief operating officer now owns 31,747 shares in the company, valued at $2,718,178.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were 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 owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. Insiders sold a total of 11,925 shares of company stock worth $988,686 in the last three months. Company insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on SSB. DA Davidson reissued a “buy” rating and set a $102.00 target price (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Truist Financial dropped their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Finally, UBS Group boosted their price target on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. One equities 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 stock. According to data from MarketBeat, SouthState currently has a consensus rating of “Hold” and a consensus target price of $87.80.

SouthState Stock Performance

NASDAQ SSB opened at $79.09 on Friday. The firm has a market capitalization of $6.03 billion, a P/E ratio of 12.24 and a beta of 0.74. The stock has a 50-day simple moving average of $81.68 and a two-hundred day simple moving average of $78.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.88 and a current ratio of 0.89. SouthState Co. has a fifty-two week low of $59.51 and a fifty-two week high of $87.77.

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

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.