Universal Beteiligungs und Servicegesellschaft mbH Purchases Shares of 45,158 SouthState Co. (NASDAQ:SSB)

Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in SouthState Co. (NASDAQ:SSB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 45,158 shares of the bank's stock, valued at approximately $4,192,000.

A number of other hedge funds also recently modified their holdings of SSB. Summit Securities Group LLC bought a new stake in shares of SouthState in the 4th quarter worth approximately $38,000. Aquatic Capital Management LLC bought a new stake in shares of SouthState in the 4th quarter worth approximately $45,000. Quadrant Capital Group LLC raised its holdings in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after acquiring an additional 99 shares during the period. Versant Capital Management Inc raised its holdings in SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after acquiring an additional 485 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in SouthState by 181.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after acquiring an additional 378 shares during the period. Institutional investors own 89.76% of the company's stock.

Insider Transactions at SouthState

In related news, Director Janet P. Froetscher bought 3,338 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average cost 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 of the company's stock, valued at approximately $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of SouthState in a report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price on the stock. Hovde Group boosted their target price on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Barclays boosted their target price on shares of SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a report on Monday. 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 report on Monday. Finally, Truist Financial assumed coverage on shares of SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $115.27.

SouthState Price Performance

Shares of SSB traded down $1.70 during mid-day trading on Friday, reaching $92.47. 441,689 shares of the stock traded hands, compared to its average volume of 944,429. The firm has a fifty day moving average price of $92.29 and a 200 day moving average price of $93.40. The company has a market cap of $9.39 billion, a price-to-earnings ratio of 13.28 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 Co. has a 1 year low of $77.74 and a 1 year high of $114.26.

SouthState (NASDAQ:SSB - Get Free Report) last announced 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 net margin of 22.38% and a return on equity of 9.62%. The company had revenue of $840.50 million during the quarter, compared to analyst estimates of $645.12 million. During the same period in the previous year, the business earned $1.74 earnings per share. As a group, equities research analysts predict that SouthState Co. will post 8.12 earnings per share for the current year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 8th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.6%. This is a boost from SouthState's previous quarterly dividend of $0.54. The ex-dividend date is Friday, August 8th. SouthState's dividend payout ratio (DPR) is presently 35.77%.

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.