Howard Financial Services LTD. Invests $1.52 Million in SouthState Co. (NASDAQ:SSB)

Howard Financial Services LTD. bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,326 shares of the bank's stock, valued at approximately $1,515,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its holdings in shares of SouthState by 577.4% in the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after acquiring an additional 485 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after purchasing an additional 378 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in SouthState by 48.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,314 shares of the bank's stock worth $2,916,000 after acquiring an additional 9,594 shares in the last quarter. Forum Financial Management LP purchased a new position in SouthState in the fourth quarter worth $260,000. Finally, GTS Securities LLC purchased a new position in SouthState in the fourth quarter worth $594,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at SouthState

In related news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. This represents a 9.20% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on SSB shares. Truist Financial began coverage on SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective for the company. Barclays lowered their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group assumed coverage on shares of SouthState in a report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price for the company. Raymond James set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. Finally, Stephens restated an "overweight" rating and set a $119.00 target price on shares of SouthState in a report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, SouthState has a consensus rating of "Buy" and an average target price of $116.27.

SouthState Stock Up 1.5%

SouthState stock traded up $1.31 during midday trading on Tuesday, hitting $88.41. 152,631 shares of the company were exchanged, compared to its average volume of 653,805. The company's fifty day moving average price is $87.68 and its 200-day moving average price is $96.60. The company has a market cap of $8.97 billion, a PE ratio of 12.70 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.44%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.

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.