Central Pacific Bank Trust Division Buys 250 Shares of SouthState Co. (NASDAQ:SSB)

Central Pacific Bank Trust Division grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 15.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,840 shares of the bank’s stock after buying an additional 250 shares during the quarter. Central Pacific Bank Trust Division’s holdings in SouthState were worth $183,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new stake in SouthState during the 3rd quarter valued at $35,000. UMB Bank n.a. raised its stake in shares of SouthState by 53.9% during 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState during the second quarter worth about $97,000. International Assets Investment Management LLC grew its stake in shares of SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares during the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new position in SouthState during the 2nd quarter valued at about $151,000. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Keefe, Bruyette & Woods reiterated 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 upped their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $112.56.

SouthState Stock Performance

Shares of SSB stock opened at $97.43 on Friday. The company’s 50-day moving average is $104.96 and its 200 day moving average is $95.95. SouthState Co. has a one year low of $70.68 and a one year high of $114.26. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 15.04 and a beta of 0.69.

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

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, November 8th. SouthState’s payout ratio is 33.33%.

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.