FNY Investment Advisers LLC Makes New $1.01 Million Investment in SouthState Co. (NASDAQ:SSB)

FNY Investment Advisers LLC bought a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 10,136 shares of the bank’s stock, valued at approximately $1,008,000.

A number of other institutional investors have also recently made changes to their positions in SSB. Waldron Private Wealth LLC purchased a new position in shares of SouthState during the 3rd quarter worth about $35,000. UMB Bank n.a. boosted its position in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after buying an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState during the second quarter valued at approximately $97,000. International Assets Investment Management LLC raised its holdings in shares of SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after buying an additional 1,443 shares during the period. Finally, Central Pacific Bank Trust Division raised its holdings in shares of SouthState by 15.7% in the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after buying an additional 250 shares during the period. Institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

SSB has been the topic of several research analyst reports. 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 report on Thursday, November 7th. Stephens reaffirmed an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research note on Thursday, January 2nd. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Citigroup started coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $112.56.

SouthState Price Performance

Shares of SouthState stock opened at $92.83 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The business has a 50 day simple moving average of $104.71 and a two-hundred day simple moving average of $96.90. The stock has a market capitalization of $7.08 billion, a P/E ratio of 14.33 and a beta of 0.70. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the prior year, the firm earned $1.62 EPS. SouthState’s quarterly revenue was down .4% on a year-over-year basis. As a group, analysts predict that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.33%. SouthState’s payout ratio is 33.33%.

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.