Integrated Investment Consultants LLC Reduces Stock Position in SouthState Co. (NASDAQ:SSB)

Integrated Investment Consultants LLC lessened its position in shares of SouthState Co. (NASDAQ:SSB) by 4.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,332 shares of the bank’s stock after selling 262 shares during the quarter. Integrated Investment Consultants LLC’s holdings in SouthState were worth $615,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after buying an additional 371,987 shares during the last quarter. F M Investments LLC purchased a new stake in shares of SouthState in the second quarter worth about $7,303,000. Stieven Capital Advisors L.P. purchased a new stake in shares of SouthState in the third quarter worth about $9,086,000. Renaissance Technologies LLC purchased a new stake in shares of SouthState in the second quarter worth about $4,829,000. Finally, Victory Capital Management Inc. boosted its stake in shares of SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after buying an additional 45,176 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on SSB shares. Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens upped their price target on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, SouthState presently has an average rating of “Hold” and a consensus target price of $105.11.

SouthState Price Performance

SSB stock opened at $106.83 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The business has a 50 day simple moving average of $99.67 and a 200-day simple moving average of $89.53. The firm has a market capitalization of $8.15 billion, a PE ratio of 16.49 and a beta of 0.66. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $113.14.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.62 earnings per share. Equities research analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.02%. SouthState’s payout ratio is 33.33%.

Insider Buying and Selling

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company 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.