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

Central Pacific Bank Trust Division boosted its position in SouthState Co. (NASDAQ:SSB) by 15.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,840 shares of the bank’s stock after acquiring an additional 250 shares during the period. Central Pacific Bank Trust Division’s holdings in SouthState were worth $183,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SSB. Waldron Private Wealth LLC bought a new stake in shares of SouthState in the third quarter valued at approximately $35,000. UMB Bank n.a. grew its stake in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState during the 2nd quarter valued at $97,000. International Assets Investment Management LLC lifted its position in shares of SouthState by 9,620.0% during the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after acquiring an additional 1,443 shares in the last quarter. Finally, William B. Walkup & Associates Inc. bought a new position in shares of SouthState in the second quarter worth $151,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Performance

SouthState stock opened at $97.43 on Friday. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The firm’s fifty day moving average price is $104.96 and its 200-day moving average price is $95.95. The stock has a market cap of $7.43 billion, a P/E ratio of 15.04 and a beta of 0.69. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

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

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders 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 yield of 2.22%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s payout ratio is currently 33.33%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SSB shares. Stephens reiterated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research note on Thursday. UBS Group initiated coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and an average price target of $112.56.

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.