KDK Private Wealth Management LLC acquired a new stake in SouthState Co. (NASDAQ:SSB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,305 shares of the bank's stock, valued at approximately $957,000. SouthState makes up 1.1% of KDK Private Wealth Management LLC's holdings, making the stock its 19th biggest holding.
A number of other institutional investors and hedge funds have also made changes to their positions in SSB. Summit Securities Group LLC purchased a new stake in shares of SouthState during the fourth quarter worth approximately $38,000. Aquatic Capital Management LLC purchased a new stake in shares of SouthState during the fourth quarter worth approximately $45,000. Quadrant Capital Group LLC increased its position in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after purchasing an additional 99 shares in the last quarter. Versant Capital Management Inc increased its position in shares of SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position 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 in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts recently commented on SSB shares. DA Davidson dropped their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Jefferies Financial Group started coverage on SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target for the company. Raymond James Financial set a $110.00 price target on SouthState in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Finally, Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, SouthState has an average rating of "Buy" and a consensus price target of $115.82.
Read Our Latest Analysis on SouthState
SouthState Trading Up 0.1%
NASDAQ:SSB traded up $0.09 during trading hours on Friday, hitting $97.99. The company had a trading volume of 911,196 shares, compared to its average volume of 936,945. SouthState Co. has a 1 year low of $77.74 and a 1 year high of $114.26. The company has a 50-day moving average of $91.60 and a 200 day moving average of $93.34. The company has a market cap of $9.95 billion, a P/E ratio of 14.08 and a beta of 0.77. 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 results on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $645.12 million. During the same quarter in the prior year, the company posted $1.74 EPS. Sell-side analysts expect that SouthState Co. will post 8.12 earnings per share for the current year.
About SouthState
(
Free Report)
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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