Point72 Asia Singapore Pte. Ltd. Invests $97,000 in SouthState Co. (NASDAQ:SSB)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState Co. (NASDAQ:SSB) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,267 shares of the bank’s stock, valued at approximately $97,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SSB. Parallel Advisors LLC increased its holdings in shares of SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in SouthState in the 1st quarter worth about $30,000. TFO Wealth Partners LLC raised its position in SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares in the last quarter. Finally, Innealta Capital LLC acquired a new stake in shares of SouthState during the second quarter valued at about $133,000. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Truist Financial raised their price target on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research note on Friday, September 20th. DA Davidson boosted their price objective on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Stephens increased their price objective on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Hovde Group lifted their target price on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $103.00.

Insider Activity

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

SouthState Price Performance

SSB stock opened at $95.75 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of 15.62 and a beta of 0.67. The company’s fifty day simple moving average is $94.16 and its 200 day simple moving average is $84.09. SouthState Co. has a 12-month low of $63.36 and a 12-month high of $102.82.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating 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 company had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. During the same quarter in the prior year, the company earned $1.63 EPS. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts expect that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a dividend of $0.54 per share. 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 2.26%. SouthState’s dividend payout ratio (DPR) is 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.