Consolidated Planning Corp Invests $1.14 Million in SouthState Co. (NASDAQ:SSB)

Consolidated Planning Corp acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 11,719 shares of the bank’s stock, valued at approximately $1,139,000.

Several other institutional investors and hedge funds have also bought and sold shares of SSB. SageView Advisory Group LLC purchased a new position in shares of SouthState during the first quarter worth about $879,000. BNP Paribas Financial Markets raised its position in shares of SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after buying an additional 19,138 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of SouthState by 107.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock worth $1,616,000 after acquiring an additional 9,843 shares during the last quarter. Entropy Technologies LP purchased a new position in SouthState in the first quarter worth $562,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in SouthState by 234.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after acquiring an additional 18,374 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the business’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 transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

SouthState Price Performance

SSB stock opened at $107.68 on Friday. SouthState Co. has a 52-week low of $67.72 and a 52-week high of $111.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.92. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 16.62 and a beta of 0.66. The firm has a 50 day moving average price of $97.48 and a 200-day moving average price of $87.66.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same period last year, the company earned $1.62 earnings per share. The company’s revenue was down .4% on a year-over-year basis. Equities research analysts forecast that SouthState Co. will post 6.92 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is currently 33.33%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Piper Sandler increased their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Hovde Group boosted their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $105.11.

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.