nVerses Capital LLC Takes $418,000 Position in SouthState Co. (NASDAQ:SSB)

nVerses Capital LLC acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 4,300 shares of the bank’s stock, valued at approximately $418,000.

Several other hedge funds have also recently modified their holdings of SSB. Hunter Perkins Capital Management LLC boosted its position in SouthState by 2.7% in the third quarter. Hunter Perkins Capital Management LLC now owns 33,290 shares of the bank’s stock valued at $3,235,000 after buying an additional 870 shares during the last quarter. Creative Planning boosted its position in SouthState by 26.7% in the third quarter. Creative Planning now owns 18,196 shares of the bank’s stock valued at $1,768,000 after buying an additional 3,831 shares during the last quarter. Smith Chas P & Associates PA Cpas purchased a new stake in SouthState in the third quarter valued at approximately $1,124,000. Inspire Investing LLC purchased a new stake in SouthState in the third quarter valued at approximately $286,000. Finally, Moisand Fitzgerald Tamayo LLC boosted its position in SouthState by 1,313.4% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 2,318 shares of the bank’s stock valued at $225,000 after buying an additional 2,154 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $500,000.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SSB shares. Stephens upped their price objective on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. DA Davidson upped their price objective on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Citigroup started coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. Keefe, Bruyette & Woods upped their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Hovde Group upped their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $102.89.

SouthState Trading Up 0.7 %

Shares of SSB stock opened at $102.98 on Friday. The stock has a 50 day simple moving average of $95.27 and a 200-day simple moving average of $85.60. SouthState Co. has a 1-year low of $63.36 and a 1-year high of $103.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $7.85 billion, a price-to-earnings ratio of 16.80 and a beta of 0.67.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. During the same period in the prior year, the company earned $1.63 EPS. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts expect that SouthState Co. will post 6.69 EPS for the current fiscal 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 paid a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio is currently 35.24%.

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.