Fort Washington Investment Advisors Inc. OH Has $20.02 Million Holdings in SouthState Co. (NASDAQ:SSB)

Fort Washington Investment Advisors Inc. OH increased its position in SouthState Co. (NASDAQ:SSB) by 20.4% in the fourth quarter, HoldingsChannel reports. The firm owned 201,229 shares of the bank’s stock after acquiring an additional 34,080 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in SouthState were worth $20,018,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SSB. Assenagon Asset Management S.A. purchased a new stake in shares of SouthState in the fourth quarter valued at $21,498,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in SouthState by 64.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock worth $25,809,000 after acquiring an additional 103,756 shares in the last quarter. Stieven Capital Advisors L.P. acquired a new stake in SouthState during the 3rd quarter worth about $9,086,000. Charles Schwab Investment Management Inc. grew its stake in SouthState by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after acquiring an additional 72,181 shares in the last quarter. Finally, Prospector Partners LLC increased its holdings in shares of SouthState by 52.8% in the 3rd quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock valued at $18,003,000 after purchasing an additional 64,013 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Stephens restated an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Thursday, January 2nd. Finally, Truist Financial cut their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $112.56.

SouthState Stock Down 1.3 %

Shares of SouthState stock opened at $99.55 on Thursday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock has a 50 day moving average price of $103.53 and a two-hundred day moving average price of $98.01. The stock has a market capitalization of $7.59 billion, a P/E ratio of 15.36 and a beta of 0.70.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. SouthState’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 EPS. Equities analysts expect that SouthState Co. will post 6.99 earnings per share for the current year.

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.