SouthState Co. $SSB Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC raised its position in shares of SouthState Co. (NASDAQ:SSB) by 56.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,829 shares of the bank’s stock after purchasing an additional 657 shares during the quarter. GAMMA Investing LLC’s holdings in SouthState were worth $168,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC raised its stake in SouthState by 14.2% during the 2nd quarter. Wedge Capital Management L L P NC now owns 54,881 shares of the bank’s stock valued at $5,051,000 after purchasing an additional 6,835 shares during the period. Moody National Bank Trust Division raised its stake in SouthState by 5.3% during the 2nd quarter. Moody National Bank Trust Division now owns 12,102 shares of the bank’s stock valued at $1,114,000 after purchasing an additional 607 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in SouthState by 2.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 31,328 shares of the bank’s stock valued at $3,035,000 after purchasing an additional 775 shares during the period. Red Spruce Capital LLC raised its stake in SouthState by 3.8% during the 2nd quarter. Red Spruce Capital LLC now owns 35,244 shares of the bank’s stock valued at $3,244,000 after purchasing an additional 1,300 shares during the period. Finally, Voya Investment Management LLC raised its stake in SouthState by 282.2% during the 1st quarter. Voya Investment Management LLC now owns 85,145 shares of the bank’s stock valued at $7,903,000 after purchasing an additional 62,868 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SouthState

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

SouthState Stock Performance

Shares of NASDAQ SSB opened at $99.35 on Tuesday. The business’s 50-day simple moving average is $98.66 and its 200-day simple moving average is $92.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a 52 week low of $77.74 and a 52 week high of $114.26. The firm has a market cap of $10.06 billion, a price-to-earnings ratio of 14.27 and a beta of 0.74.

SouthState (NASDAQ:SSB) last posted its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $645.12 million. During the same period in the previous year, the company earned $1.74 EPS. As a group, equities research analysts expect that SouthState Co. will post 8.12 earnings per share for the current fiscal year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were paid a $0.60 dividend. The ex-dividend date was Friday, August 8th. This is a boost from SouthState’s previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState’s dividend payout ratio is 35.77%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Hovde Group boosted their target price on shares of SouthState from $97.00 to $105.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. TD Cowen assumed coverage on shares of SouthState in a research note on Thursday, September 25th. They set a “buy” rating and a $127.00 target price on the stock. National Bankshares set a $127.00 price target on shares of SouthState in a research note on Wednesday, September 24th. Barclays upped their price target on shares of SouthState from $117.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Finally, DA Davidson upped their price target on shares of SouthState from $115.00 to $117.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, SouthState has an average rating of “Buy” and a consensus price target of $117.08.

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.