Vident Advisory LLC Buys Shares of 2,897 SouthState Co. $SSB

Vident Advisory LLC purchased a new position in SouthState Co. (NASDAQ:SSB) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,897 shares of the bank’s stock, valued at approximately $269,000.

Several other large investors have also recently made changes to their positions in the stock. Evergreen Capital Management LLC bought a new position in shares of SouthState in the 1st quarter worth $471,000. The Manufacturers Life Insurance Company raised its position in shares of SouthState by 4.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 805,427 shares of the bank’s stock worth $74,760,000 after acquiring an additional 31,584 shares in the last quarter. Carlson Capital L.P. bought a new position in shares of SouthState in the 1st quarter worth $408,000. Eisler Capital Management Ltd. bought a new position in shares of SouthState in the 1st quarter worth $423,000. Finally, Wealth Preservation Advisors LLC acquired a new position in SouthState during the 1st quarter valued at about $417,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Citigroup reaffirmed a “buy” rating and set a $117.00 target price (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. Truist Financial assumed coverage on SouthState in a research report on Tuesday, May 13th. They set a “buy” rating and a $106.00 target price on the stock. DA Davidson upped their target price on SouthState from $115.00 to $117.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Barclays boosted their price target on SouthState from $117.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Finally, Hovde Group boosted their price target on SouthState from $97.00 to $105.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $115.27.

SouthState Stock Down 1.2%

Shares of SSB opened at $100.98 on Wednesday. SouthState Co. has a 52 week low of $77.74 and a 52 week high of $114.26. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of 14.51 and a beta of 0.74. The stock’s 50-day moving average price is $97.52 and its 200-day moving average price is $92.35.

SouthState (NASDAQ:SSB) last issued its earnings results on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The firm had revenue of $840.50 million for the quarter, compared to the consensus estimate of $645.12 million. During the same quarter in the prior year, the business earned $1.74 earnings per share. On average, sell-side analysts predict that SouthState Co. will post 8.12 EPS for the current year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were given a dividend of $0.60 per share. This is an increase from SouthState’s previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, August 8th. SouthState’s dividend payout ratio (DPR) is currently 35.77%.

Insiders Place Their Bets

In other SouthState news, Director Janet P. Froetscher purchased 3,338 shares of the stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the transaction, the director owned 8,294 shares of the company’s stock, valued at $807,089.14. This trade represents a 67.35% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director G Stacy Smith purchased 2,500 shares of the stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the transaction, the director directly owned 39,546 shares of the company’s stock, valued at $3,650,095.80. This represents a 6.75% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 8,338 shares of company stock worth $786,321. 1.70% of the stock is owned by corporate insiders.

SouthState 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.