Hsbc Holdings PLC Has $731,000 Holdings in SouthState Co. $SSB

Key Points

• Hsbc Holdings PLC significantly reduced its stake in SouthState Co. by 76.6% during the first quarter, now holding 7,877 shares valued at approximately $731,000.
• Multiple institutional investors, including IFP Advisors Inc and Nisa Investment Advisors LLC, have adjusted their stakes in SouthState, with the company currently having 89.76% of its stock owned by institutions.
• SouthState declared a quarterly dividend of $0.60 per share, increasing from the previous quarterly dividend of $0.54, reflecting a healthy dividend yield of 2.4%.

Hsbc Holdings PLC reduced its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 76.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,877 shares of the bank's stock after selling 25,829 shares during the period. Hsbc Holdings PLC's holdings in SouthState were worth $731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its position in shares of SouthState by 4.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 56,102 shares of the bank's stock valued at $5,582,000 after acquiring an additional 2,279 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of SouthState in the fourth quarter valued at about $45,000. Tudor Investment Corp ET AL boosted its position in shares of SouthState by 1.5% in the fourth quarter. Tudor Investment Corp ET AL now owns 21,930 shares of the bank's stock valued at $2,182,000 after acquiring an additional 319 shares during the period. Northern Trust Corp boosted its position in shares of SouthState by 9.4% in the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock valued at $110,598,000 after acquiring an additional 95,841 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of SouthState by 18.0% in the fourth quarter. AQR Capital Management LLC now owns 70,762 shares of the bank's stock valued at $7,039,000 after acquiring an additional 10,814 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price for the company. Truist Financial initiated coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective on the stock. DA Davidson boosted their target price on shares of SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods cut their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Finally, Hovde Group boosted their price objective on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $115.27.

SouthState Price Performance

Shares of SSB stock traded up $0.63 on Tuesday, reaching $102.69. The company had a trading volume of 969,678 shares, compared to its average volume of 919,417. The stock has a market capitalization of $10.39 billion, a PE ratio of 14.75 and a beta of 0.74. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a one year low of $77.74 and a one year high of $114.26. The business's 50-day moving average is $96.49 and its 200 day moving average is $92.33.

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

SouthState Increases Dividend

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

Insider Buying and Selling

In other SouthState news, Director G Stacy Smith bought 2,500 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $92.30 per share, for a total transaction of $230,750.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Janet P. Froetscher bought 3,338 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the transaction, the director owned 8,294 shares in the company, valued at $807,089.14. This trade represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,338 shares of company stock worth $786,321 in the last ninety days. Company insiders own 1.70% of the company's stock.

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.