TCTC Holdings LLC Acquires New Stake in SouthState Co. (NASDAQ:SSB)

Key Points

• TCTC Holdings LLC acquired 6,000 shares of SouthState Co. for approximately $557,000 in the first quarter of the year.
• Analysts have set new price targets for SouthState Co., with an average target price of $115.27 and a majority rating of "Buy".
• SouthState recently declared a quarterly dividend of $0.60, increasing from the previous dividend of $0.54, representing an annualized yield of 2.47%.

TCTC Holdings LLC bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,000 shares of the bank's stock, valued at approximately $557,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC acquired a new position in shares of SouthState during the 4th quarter valued at about $45,000. Quadrant Capital Group LLC raised its holdings in SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after buying an additional 99 shares during the period. Versant Capital Management Inc raised its holdings in SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after buying an additional 485 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after buying an additional 378 shares during the period. Finally, Collier Financial purchased a new stake in SouthState in the 1st quarter valued at about $69,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SSB shares. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Stephens restated an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Jefferies Financial Group assumed coverage on shares of SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target on the stock. DA Davidson boosted their price target on shares of SouthState from $115.00 to $117.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Finally, Barclays boosted their price target 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. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, SouthState presently has a consensus rating of "Buy" and a consensus target price of $115.27.

Insider Buying and Selling at SouthState

In other news, Director Janet P. Froetscher acquired 3,338 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $97.31 per share, with a total value of $324,820.78. Following the completion of the acquisition, the director owned 8,294 shares of the company's stock, valued at $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.70% of the company's stock.

SouthState Stock Down 1.6%

NASDAQ SSB traded down $1.50 on Friday, hitting $92.67. 1,113,382 shares of the stock were exchanged, compared to its average volume of 949,530. The company has a market cap of $9.41 billion, a PE ratio of 13.31 and a beta of 0.77. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average price of $92.39 and a 200-day moving average price of $93.37.

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. The company had revenue of $840.50 million for the quarter, compared to analyst estimates of $645.12 million. SouthState had a net margin of 22.38% and a return on equity of 9.62%. During the same period in the prior year, the firm posted $1.74 earnings per share. Sell-side analysts anticipate that SouthState Co. will post 8.12 EPS for the current fiscal year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 8th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, August 8th. This is an increase from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. SouthState's dividend payout ratio is currently 35.77%.

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.