Tidal Investments LLC Sells 1,113 Shares of SouthState Co. (NASDAQ:SSB)

Tidal Investments LLC lessened its holdings in SouthState Co. (NASDAQ:SSB) by 29.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,691 shares of the bank’s stock after selling 1,113 shares during the quarter. Tidal Investments LLC’s holdings in SouthState were worth $262,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. boosted its stake in SouthState by 0.6% in the second quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock valued at $1,472,000 after acquiring an additional 123 shares during the last quarter. Raymond James & Associates lifted its stake in shares of SouthState by 0.6% in the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 126 shares during the period. Chicago Partners Investment Group LLC boosted its position in shares of SouthState by 7.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after purchasing an additional 186 shares during the last quarter. UMB Bank n.a. grew 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 worth $53,000 after purchasing an additional 192 shares during the period. Finally, KBC Group NV increased its holdings in SouthState by 16.3% in the third quarter. KBC Group NV now owns 2,296 shares of the bank’s stock valued at $223,000 after purchasing an additional 321 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of several analyst reports. Piper Sandler boosted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Truist Financial reduced their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Finally, UBS Group began coverage on SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $109.78.

SouthState Price Performance

Shares of NASDAQ SSB opened at $101.14 on Wednesday. The company has a fifty day moving average price of $104.81 and a 200 day moving average price of $94.58. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The firm has a market cap of $7.72 billion, a PE ratio of 15.61 and a beta of 0.69. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. SouthState’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the company earned $1.62 earnings per share. Research analysts predict that SouthState Co. will post 6.94 earnings per share 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 $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio is presently 33.33%.

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.