4,557 Shares in SouthState Co. $SSB Bought by Eisler Capital Management Ltd.

Key Points

• Eisler Capital Management Ltd. made a new investment of approximately $423,000 in SouthState Co. by acquiring 4,557 shares during the first quarter.
• SouthState reported $2.30 earnings per share (EPS) for the quarter, significantly exceeding analysts' expectations of $1.98, alongside a revenue of $840.50 million.
• The company declared a new quarterly dividend of $0.60, raising its annualized dividend yield to 2.4% and reflecting a boost from the previous quarterly dividend of $0.54.

Eisler Capital Management Ltd. acquired a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,557 shares of the bank's stock, valued at approximately $423,000.

Several other large investors also recently modified their holdings of SSB. Vanguard Group Inc. lifted its stake in shares of SouthState by 31.2% during the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the bank's stock worth $1,028,406,000 after buying an additional 2,637,786 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in SouthState by 34.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the bank's stock worth $422,915,000 after acquiring an additional 1,164,348 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of SouthState by 2,221.8% during the fourth quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock worth $72,356,000 after acquiring an additional 696,014 shares during the period. Nuveen LLC acquired a new position in shares of SouthState in the first quarter valued at approximately $62,230,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of SouthState by 38.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the bank's stock worth $133,407,000 after purchasing an additional 397,371 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Price Performance

NASDAQ SSB traded up $0.24 on Tuesday, hitting $102.30. 466,613 shares of the company's stock were exchanged, compared to its average volume of 915,797. The stock has a 50-day moving average of $96.23 and a 200-day moving average of $92.26. The stock has a market cap of $10.35 billion, a price-to-earnings ratio of 14.71 and a beta of 0.79. SouthState Co. has a 52 week low of $77.74 and a 52 week high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState (NASDAQ:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The business had revenue of $840.50 million during the quarter, compared to the consensus estimate of $645.12 million. During the same period in the prior year, the company earned $1.74 EPS. Analysts expect that SouthState Co. will post 8.12 earnings per share for the current year.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were issued a dividend of $0.60 per share. This is a boost from SouthState's previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 annualized dividend and a dividend yield of 2.3%. SouthState's payout ratio is presently 35.77%.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Stacy Smith acquired 2,500 shares of the stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $92.30 per share, with a total value of $230,750.00. Following the purchase, the director directly owned 39,546 shares of the company's stock, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 8,338 shares of company stock worth $786,321 in the last three months. 1.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Citigroup reissued a "buy" rating and issued a $117.00 target price (up previously from $113.00) on shares of SouthState in a research report on Monday, July 28th. DA Davidson upped their price target on shares of SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Barclays lifted their price objective on shares of SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, Truist Financial initiated coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, SouthState currently has an average rating of "Buy" and an average price target of $115.27.

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.