Dynamic Technology Lab Private Ltd Has $292,000 Position in SouthState Co. $SSB

Key Points

• Dynamic Technology Lab Private Ltd significantly reduced its stake in SouthState Co. by 77.7% during the first quarter, now holding 3,145 shares valued at $292,000.
• SouthState recently reported an EPS of $2.30 for the last quarter, exceeding analyst expectations by $0.32, and had a revenue of $840.5 million against a forecast of $645.12 million.
• The company announced a quarterly dividend increase to $0.60 per share, a positive change from the previous $0.54, resulting in a 2.4% yield for investors.

Dynamic Technology Lab Private Ltd reduced its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 77.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,145 shares of the bank's stock after selling 10,965 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in SouthState were worth $292,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SSB. Rise Advisors LLC acquired a new position in shares of SouthState during the 1st quarter worth about $33,000. Versant Capital Management Inc grew its position in shares of SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after buying an additional 485 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of SouthState by 181.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after buying an additional 378 shares during the period. Summit Securities Group LLC grew its position in shares of SouthState by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the bank's stock worth $64,000 after buying an additional 309 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of SouthState by 1,103.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the bank's stock valued at $64,000 after purchasing an additional 640 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SouthState

In other news, Director Janet P. Froetscher bought 3,338 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were purchased at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the purchase, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director G Stacy Smith bought 2,500 shares of the business's stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the purchase, the director directly owned 39,546 shares in the company, valued at approximately $3,650,095.80. This represents a 6.75% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 8,338 shares of company stock worth $786,321. Corporate insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SSB. Citigroup reiterated a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. Jefferies Financial Group began coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective for the company. Barclays boosted their price objective on SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Hovde Group boosted their price objective on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Finally, DA Davidson boosted their price objective on SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $115.27.

SouthState Trading Down 0.9%

NASDAQ SSB opened at $101.31 on Friday. The stock has a market capitalization of $10.25 billion, a price-to-earnings ratio of 14.56 and a beta of 0.74. The stock's 50 day moving average price is $97.81 and its two-hundred day moving average price is $92.44. 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.

SouthState (NASDAQ:SSB - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, beating the consensus estimate of $1.98 by $0.32. The firm had revenue of $840.50 million for the quarter, compared to analysts' expectations of $645.12 million. SouthState had a return on equity of 9.62% and a net margin of 22.38%.During the same quarter in the previous year, the business posted $1.74 EPS. As a group, analysts anticipate that SouthState Co. will post 8.12 earnings per share for the current fiscal 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 paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, August 8th. This is a positive change from SouthState's previous quarterly dividend of $0.54. SouthState's dividend payout ratio (DPR) is presently 35.77%.

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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