SouthState Co. (NASDAQ:SSB) Shares Sold by Natixis Advisors LLC

Natixis Advisors LLC cut its position in SouthState Co. (NASDAQ:SSB) by 74.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,702 shares of the bank’s stock after selling 54,414 shares during the period. Natixis Advisors LLC’s holdings in SouthState were worth $1,429,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC boosted its holdings in SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of SouthState during the 1st quarter worth approximately $30,000. TFO Wealth Partners LLC boosted its holdings in shares of SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after buying an additional 402 shares in the last quarter. GAMMA Investing LLC grew its position in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after buying an additional 333 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in SouthState during the 2nd quarter worth $133,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on SSB. Truist Financial upped their price objective on shares of SouthState from $81.00 to $109.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Raymond James raised SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 target price for the company in a research report on Tuesday, May 21st. Hovde Group lifted their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Piper Sandler increased their price objective on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. Finally, Stephens raised their target price on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $102.75.

SouthState Stock Down 0.7 %

SSB opened at $92.90 on Wednesday. The business has a 50 day moving average price of $90.39 and a two-hundred day moving average price of $82.86. SouthState Co. has a 52 week low of $63.36 and a 52 week high of $101.32. The company has a market cap of $7.08 billion, a PE ratio of 15.16 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. During the same quarter in the prior year, the business earned $1.63 earnings per share. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, research analysts anticipate that SouthState Co. will post 6.7 EPS for the current year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.33%. SouthState’s payout ratio is presently 35.24%.

About SouthState

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.