Caprock Group LLC Invests $236,000 in SouthState Co. (NASDAQ:SSB)

Caprock Group LLC acquired a new stake in SouthState Co. (NASDAQ:SSB) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,427 shares of the bank’s stock, valued at approximately $236,000.

A number of other institutional investors have also modified their holdings of the company. Nicholas Hoffman & Company LLC. lifted its stake in shares of SouthState by 0.6% during the second quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares in the last quarter. Raymond James & Associates lifted its position in SouthState by 0.6% during the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after acquiring an additional 126 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in SouthState by 7.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after acquiring an additional 186 shares during the period. UMB Bank n.a. grew its position in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares in the last quarter. Finally, KBC Group NV grew its position in SouthState by 16.3% in the third quarter. KBC Group NV now owns 2,296 shares of the bank’s stock valued at $223,000 after acquiring an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the subject of several analyst reports. Stephens upped their target price on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Keefe, Bruyette & Woods reissued 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. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Truist Financial reduced their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.11.

SouthState Stock Performance

Shares of SSB opened at $109.00 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $113.14. The business’s fifty day moving average price is $100.24 and its 200 day moving average price is $89.98. The stock has a market capitalization of $8.32 billion, a PE ratio of 16.82 and a beta of 0.66.

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

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 1.98%. SouthState’s dividend payout ratio is currently 33.33%.

Insider Buying and Selling

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