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

Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of SouthState Co. (NASDAQ:SSB) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 1,267 shares of the bank’s stock, valued at approximately $97,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after buying an additional 272 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after acquiring an additional 402 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in SouthState during the 4th quarter worth $699,000. Capital International Investors increased its position in shares of SouthState by 24.2% in the 4th quarter. Capital International Investors now owns 596,520 shares of the bank’s stock worth $50,376,000 after purchasing an additional 116,313 shares during the last quarter. Finally, Capital World Investors raised its stake in shares of SouthState by 31.8% in the 4th quarter. Capital World Investors now owns 620,510 shares of the bank’s stock valued at $52,402,000 after purchasing an additional 149,745 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SSB. Stephens boosted 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. Hovde Group upped their price target on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Truist Financial lifted their price objective on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a report on Friday, September 20th. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods raised their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.00.

SouthState Stock Up 1.9 %

SSB stock opened at $96.44 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. SouthState Co. has a fifty-two week low of $63.36 and a fifty-two week high of $102.82. The firm’s 50-day simple moving average is $94.21 and its 200 day simple moving average is $84.58. The stock has a market cap of $7.35 billion, a PE ratio of 15.73 and a beta of 0.67.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. During the same quarter last year, the company earned $1.63 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, sell-side analysts predict that SouthState Co. will post 6.69 EPS for the current year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Friday, August 9th. This is a boost from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is 35.24%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s 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 approximately $3,332,800. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

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.