Red Spruce Capital LLC Trims Holdings in SouthState Co. (NASDAQ:SSB)

Red Spruce Capital LLC lowered its stake in shares of SouthState Co. (NASDAQ:SSB) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 33,017 shares of the bank’s stock after selling 729 shares during the period. SouthState accounts for approximately 1.5% of Red Spruce Capital LLC’s portfolio, making the stock its 23rd largest holding. Red Spruce Capital LLC’s holdings in SouthState were worth $3,285,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SSB. Waldron Private Wealth LLC purchased a new stake in shares of SouthState in the 3rd quarter valued at $35,000. UMB Bank n.a. increased its holdings in SouthState by 53.9% during the 3rd 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. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState in the 2nd quarter valued at about $97,000. International Assets Investment Management LLC boosted its stake in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after buying an additional 1,443 shares during the period. Finally, William B. Walkup & Associates Inc. acquired a new position in shares of SouthState during the second quarter worth about $151,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the subject of a number of recent research reports. Citigroup assumed coverage on shares of SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price on the stock. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler raised 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. Finally, Truist Financial dropped their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $112.56.

SouthState Trading Up 1.3 %

NASDAQ:SSB opened at $101.01 on Wednesday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The stock’s 50 day simple moving average is $103.68 and its 200-day simple moving average is $98.00. The firm has a market cap of $7.71 billion, a P/E ratio of 15.59 and a beta of 0.70.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. SouthState’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.62 EPS. Equities analysts anticipate that SouthState Co. will post 6.99 EPS for the current year.

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.