Prospector Partners LLC Acquires 64,013 Shares of SouthState Co. (NASDAQ:SSB)

Prospector Partners LLC lifted its holdings in shares of SouthState Co. (NASDAQ:SSB) by 52.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 185,250 shares of the bank’s stock after purchasing an additional 64,013 shares during the period. SouthState accounts for 1.9% of Prospector Partners LLC’s holdings, making the stock its 16th biggest holding. Prospector Partners LLC’s holdings in SouthState were worth $18,003,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Waldron Private Wealth LLC acquired a new stake in SouthState during the 3rd quarter valued at approximately $35,000. UMB Bank n.a. boosted its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares in the last quarter. GAMMA Investing LLC boosted its holdings in SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState in the 2nd quarter worth $97,000. Finally, International Assets Investment Management LLC grew its holdings in shares of SouthState by 9,620.0% during the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after buying an additional 1,443 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Up 3.0 %

SSB opened at $112.25 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. SouthState Co. has a one year low of $70.68 and a one year high of $114.26. The firm has a market capitalization of $8.56 billion, a P/E ratio of 17.32 and a beta of 0.66. The company has a fifty day moving average price of $100.24 and a 200-day moving average price of $89.98.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the prior year, the business earned $1.62 earnings per share. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. Equities research analysts expect that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.92%. SouthState’s dividend payout ratio is 33.33%.

Analyst Upgrades and Downgrades

SSB has been the topic of several analyst reports. Stephens lifted their target price on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. 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. Piper Sandler lifted their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $105.11.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 6.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

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.