SouthState Co. $SSB Shares Purchased by Synovus Financial Corp

Key Points

• Synovus Financial Corp has increased its stake in SouthState Co. by 5.1%, acquiring an additional 3,331 shares and bringing its total ownership to about $6.34 million.
• SouthState recently declared a quarterly dividend of $0.60, representing a boost from the previous dividend of $0.54, with a current yield of 2.4%.
• Analysts have a consensus rating of "Buy" on SouthState shares, with a target price averaging $115.27 following positive earnings results that exceeded expectations.

Synovus Financial Corp lifted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,325 shares of the bank's stock after acquiring an additional 3,331 shares during the quarter. Synovus Financial Corp owned 0.07% of SouthState worth $6,342,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. IFP Advisors Inc increased its position in shares of SouthState by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the bank's stock worth $87,000 after acquiring an additional 117 shares during the period. Nisa Investment Advisors LLC increased its position in shares of SouthState by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank's stock worth $220,000 after acquiring an additional 118 shares during the period. Baird Financial Group Inc. increased its position in shares of SouthState by 6.4% during the fourth quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank's stock worth $253,000 after acquiring an additional 153 shares during the period. FourThought Financial Partners LLC increased its position in shares of SouthState by 5.7% during the first quarter. FourThought Financial Partners LLC now owns 3,070 shares of the bank's stock worth $285,000 after acquiring an additional 166 shares during the period. Finally, Liberty One Investment Management LLC increased its holdings in SouthState by 2.3% in the first quarter. Liberty One Investment Management LLC now owns 8,222 shares of the bank's stock valued at $763,000 after buying an additional 186 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Stock Performance

Shares of NASDAQ SSB traded up $0.31 during midday trading on Friday, reaching $102.04. 564,907 shares of the company were exchanged, compared to its average volume of 919,112. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market cap of $10.33 billion, a P/E ratio of 14.66 and a beta of 0.79. SouthState Co. has a 1 year low of $77.74 and a 1 year high of $114.26. The stock has a fifty day simple moving average of $95.96 and a 200 day simple moving average of $92.33.

SouthState (NASDAQ:SSB - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) 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 company had revenue of $840.50 million for the quarter, compared to analysts' expectations of $645.12 million. During the same quarter in the previous year, the firm posted $1.74 EPS. On average, research analysts forecast that SouthState Co. will post 8.12 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were given a dividend of $0.60 per share. 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 payout ratio is presently 35.77%.

Insiders Place Their Bets

In other SouthState news, Director Janet P. Froetscher bought 3,338 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the transaction, the director owned 8,294 shares of the company's stock, valued at approximately $807,089.14. This trade represents a 67.35% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G Stacy Smith bought 2,500 shares of the company's stock in a transaction on Friday, August 1st. The shares were acquired at an average price 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 $3,650,095.80. This trade represents a 6.75% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 8,338 shares of company stock worth $786,321. Company insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Jefferies Financial Group initiated coverage on SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price on the stock. Citigroup reissued a "buy" rating and issued a $117.00 target price (up from $113.00) on shares of SouthState in a report on Monday, July 28th. Keefe, Bruyette & Woods reduced 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. DA Davidson boosted their target price on SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a report on Monday, July 28th. Finally, Barclays boosted their target price on SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $115.27.

About SouthState

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.