111 Capital Buys Shares of 9,812 SouthState Co. $SSB

111 Capital purchased a new position in SouthState Co. (NASDAQ:SSB) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 9,812 shares of the bank’s stock, valued at approximately $903,000.

Several other hedge funds also recently made changes to their positions in SSB. Vanguard Group Inc. lifted its holdings in SouthState by 31.2% during the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the bank’s stock worth $1,028,406,000 after purchasing an additional 2,637,786 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of SouthState by 34.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the bank’s stock valued at $422,915,000 after buying an additional 1,164,348 shares during the period. Nuveen LLC purchased a new stake in shares of SouthState in the first quarter worth about $62,230,000. FJ Capital Management LLC boosted its position in shares of SouthState by 286.3% in the first quarter. FJ Capital Management LLC now owns 556,226 shares of the bank’s stock valued at $51,629,000 after acquiring an additional 412,242 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of SouthState by 38.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the bank’s stock valued at $133,407,000 after acquiring an additional 397,371 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Price Performance

Shares of SouthState stock opened at $99.37 on Friday. The firm has a market capitalization of $10.06 billion, a PE ratio of 14.28 and a beta of 0.68. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12 month low of $77.74 and a 12 month high of $114.26. The business’s 50-day moving average price is $98.71 and its 200-day moving average price is $93.06.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The company had revenue of $840.50 million during the quarter, compared to the consensus estimate of $645.12 million. During the same quarter in the previous year, the company posted $1.74 EPS. Sell-side analysts forecast that SouthState Co. will post 8.12 EPS for the current fiscal year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. This is an increase from SouthState’s previous quarterly dividend of $0.54. SouthState’s payout ratio is 35.77%.

Insiders Place Their Bets

In related news, Director Janet P. Froetscher acquired 3,338 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the acquisition, the director owned 8,294 shares in the company, valued at approximately $807,089.14. This represents a 67.35% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director G Stacy Smith bought 2,500 shares of the stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $92.30 per share, with a total value of $230,750.00. Following the purchase, the director owned 39,546 shares in the company, valued at $3,650,095.80. The trade was a 6.75% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 8,338 shares of company stock valued at $786,321 over the last three months. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

SSB has been the topic of several recent analyst reports. DA Davidson increased their target price on shares of SouthState from $115.00 to $117.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. National Bankshares set a $127.00 price objective on SouthState in a research report on Wednesday, September 24th. Cowen assumed coverage on SouthState in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Citigroup restated a “buy” rating and issued a $117.00 target price (up from $113.00) on shares of SouthState in a research note on Monday, July 28th. Finally, TD Cowen initiated coverage on SouthState in a research report on Thursday, September 25th. They set a “buy” rating and a $127.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $117.08.

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.