111 Capital Invests $903,000 in SouthState Co. $SSB

Key Points

• 111 Capital invested approximately $903,000 to purchase 9,812 shares of SouthState Co. ($SSB), according to their recent SEC filing.
• SouthState increased its quarterly dividend from $0.54 to $0.60, resulting in a yield of 2.4% based on an annualized payout of $2.40.
• The bank reported earnings of $2.30 per share, exceeding analyst expectations, with revenues of $840.50 million for the quarter.

111 Capital purchased a new stake in SouthState Co. (NASDAQ:SSB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 9,812 shares of the bank's stock, valued at approximately $903,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SSB. Rise Advisors LLC acquired a new position in shares of SouthState during the first quarter valued at about $33,000. Flaharty Asset Management LLC bought a new position in SouthState in the 1st quarter valued at about $45,000. Summit Securities Group LLC boosted its stake in SouthState by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the bank's stock valued at $64,000 after purchasing an additional 309 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in SouthState by 1,103.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the bank's stock worth $64,000 after purchasing an additional 640 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of SouthState in the first quarter worth approximately $67,000. Institutional investors own 89.76% of the company's stock.

Insider Buying and Selling at SouthState

In other news, Director G Stacy Smith acquired 2,500 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average price of $92.30 per share, with a total value of $230,750.00. Following the acquisition, the director owned 39,546 shares in the company, valued at $3,650,095.80. The trade was a 6.75% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Janet P. Froetscher acquired 3,338 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were acquired at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the acquisition, the director owned 8,294 shares of the company's stock, valued at approximately $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 8,338 shares of company stock worth $786,321 over the last ninety days. 1.70% of the stock is currently owned by company insiders.

SouthState Stock Performance

NASDAQ SSB opened at $99.37 on Friday. The company has a market capitalization of $10.06 billion, a PE ratio of 14.28 and a beta of 0.68. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a 52-week low of $77.74 and a 52-week high of $114.26. The company has a 50-day simple moving average of $98.71 and a 200 day simple moving average of $93.06.

SouthState (NASDAQ:SSB - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.98 by $0.32. SouthState had a net margin of 22.38% and a return on equity of 9.62%. The firm had revenue of $840.50 million for the quarter, compared to analysts' expectations of $645.12 million. During the same period in the previous year, the company earned $1.74 earnings per share. On average, research analysts predict that SouthState Co. will post 8.12 EPS for the current year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were given a $0.60 dividend. This is an increase from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 8th. SouthState's dividend payout ratio (DPR) is 35.77%.

Analyst Upgrades and Downgrades

SSB has been the topic of several analyst reports. Hovde Group lifted their target price on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Citigroup reiterated a "buy" rating and issued a $117.00 target price (up previously from $113.00) on shares of SouthState in a research note on Monday, July 28th. TD Cowen assumed coverage on shares of SouthState in a report on Thursday, September 25th. They issued a "buy" rating and a $127.00 target price for the company. Barclays boosted their price target on shares of SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Cowen began coverage on shares of SouthState in a research note on Wednesday, September 24th. They issued a "buy" rating for the company. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $117.08.

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.

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