Fifth Third Wealth Advisors LLC Has $332,000 Stock Position in SouthState Co. (NASDAQ:SSB)

Fifth Third Wealth Advisors LLC raised its holdings in SouthState Co. (NASDAQ:SSB) by 46.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,342 shares of the bank’s stock after buying an additional 1,063 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in SouthState were worth $332,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of SouthState by 64.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock valued at $25,809,000 after buying an additional 103,756 shares during the period. Stieven Capital Advisors L.P. bought a new stake in shares of SouthState during the third quarter valued at approximately $9,086,000. Charles Schwab Investment Management Inc. raised its position in shares of SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after purchasing an additional 72,181 shares during the period. Prospector Partners LLC lifted its holdings in shares of SouthState by 52.8% in the 3rd quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock worth $18,003,000 after purchasing an additional 64,013 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in SouthState in the 2nd quarter valued at $4,829,000. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SSB. Piper Sandler raised their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Truist Financial cut their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. UBS Group initiated coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Finally, Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Thursday, January 2nd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $112.56.

SouthState Trading Up 1.2 %

Shares of SouthState stock opened at $99.80 on Friday. The firm has a market cap of $7.61 billion, a PE ratio of 15.40 and a beta of 0.70. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a fifty day moving average price of $104.04 and a 200-day moving average price of $97.36.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $429.47 million. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The company’s revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts anticipate that SouthState Co. will post 6.99 EPS for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio (DPR) 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.