Handelsbanken Fonder AB Purchases 2,100 Shares of SouthState Co. (NASDAQ:SSB)

Handelsbanken Fonder AB boosted its position in shares of SouthState Co. (NASDAQ:SSB) by 14.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,658 shares of the bank’s stock after buying an additional 2,100 shares during the period. Handelsbanken Fonder AB’s holdings in SouthState were worth $1,619,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Fidelis Capital Partners LLC bought a new position in shares of SouthState during the 1st quarter valued at approximately $30,000. GAMMA Investing LLC lifted its position in 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState in the 2nd quarter worth $97,000. Innealta Capital LLC bought a new stake in shares of SouthState in the 2nd quarter worth about $133,000. Finally, William B. Walkup & Associates Inc. purchased a new stake in shares of SouthState during the 2nd quarter valued at about $151,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SSB shares. Truist Financial lifted their price target on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Stephens boosted their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Citigroup started coverage on SouthState in a research report on Thursday. They issued a “neutral” rating and a $102.00 price target for the company. Hovde Group boosted their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, DA Davidson raised their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, SouthState currently has an average rating of “Moderate Buy” and a consensus target price of $102.89.

Insider Activity

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’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 sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

SouthState Trading Down 0.7 %

NASDAQ SSB opened at $95.78 on Friday. The stock has a market cap of $7.30 billion, a PE ratio of 15.62 and a beta of 0.67. SouthState Co. has a 12 month low of $63.36 and a 12 month high of $102.82. The company’s 50-day moving average price is $94.04 and its 200-day moving average price is $84.97. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. The business had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company posted $1.63 earnings per share. Equities research analysts forecast that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.26%. SouthState’s dividend payout ratio is presently 35.24%.

SouthState Company 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.