Sequoia Financial Advisors LLC Makes New Investment in SouthState Co. (NASDAQ:SSB)

Sequoia Financial Advisors LLC acquired a new stake in SouthState Co. (NASDAQ:SSBFree Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,128 shares of the bank’s stock, valued at approximately $266,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Alps Advisors Inc. boosted its stake in SouthState by 15.4% in the 3rd quarter. Alps Advisors Inc. now owns 4,839 shares of the bank’s stock worth $326,000 after buying an additional 645 shares during the last quarter. Comerica Bank boosted its position in shares of SouthState by 314.3% in the third quarter. Comerica Bank now owns 89,474 shares of the bank’s stock worth $6,027,000 after acquiring an additional 67,878 shares during the last quarter. Deutsche Bank AG grew its holdings in SouthState by 5.4% in the third quarter. Deutsche Bank AG now owns 107,062 shares of the bank’s stock valued at $7,212,000 after purchasing an additional 5,505 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in SouthState by 44.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock worth $3,413,000 after purchasing an additional 15,599 shares during the last quarter. Finally, Anchor Investment Management LLC acquired a new position in SouthState during the fourth quarter worth approximately $1,533,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $76.70 on Wednesday. The firm has a market capitalization of $5.84 billion, a PE ratio of 12.51 and a beta of 0.68. SouthState Co. has a one year low of $63.36 and a one year high of $87.77. The stock’s 50 day moving average price is $76.42 and its 200 day moving average price is $79.94. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90.

SouthState (NASDAQ:SSBGet Free Report) last posted its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. The business had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 earnings per share. As a group, sell-side analysts expect that SouthState Co. will post 6.33 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Thursday, May 9th. SouthState’s payout ratio is 33.93%.

Analyst Ratings Changes

SSB has been the subject of several research reports. Truist Financial lowered their price objective on shares of SouthState from $84.00 to $81.00 and set a “hold” rating for the company in a research note on Monday. Raymond James raised SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target for the company in a research report on Tuesday, May 21st. Piper Sandler raised their price objective on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Finally, Keefe, Bruyette & Woods boosted their target price on SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $90.57.

Check Out Our Latest Research Report on SouthState

SouthState Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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