FourThought Financial Partners LLC Invests $286,000 in SouthState Co. (NASDAQ:SSB)

FourThought Financial Partners LLC acquired a new position in SouthState Co. (NASDAQ:SSB) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 3,391 shares of the bank’s stock, valued at approximately $286,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SSB. NBC Securities Inc. acquired a new stake in shares of SouthState during the third quarter worth $6,378,000. Great Lakes Advisors LLC acquired a new position in shares of SouthState in the third quarter valued at about $5,685,000. Envestnet Asset Management Inc. lifted its position in shares of SouthState by 112.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock valued at $9,689,000 after acquiring an additional 76,153 shares during the period. Comerica Bank increased its stake in SouthState by 314.3% in the third quarter. Comerica Bank now owns 89,474 shares of the bank’s stock valued at $6,027,000 after acquiring an additional 67,878 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of SouthState by 4.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock valued at $79,974,000 after purchasing an additional 49,472 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Performance

NASDAQ SSB traded up $1.05 on Monday, reaching $79.62. The stock had a trading volume of 69,719 shares, compared to its average volume of 413,435. The stock has a market cap of $6.07 billion, a P/E ratio of 12.09 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50-day moving average price is $80.78 and its 200 day moving average price is $79.34. SouthState Co. has a 12-month low of $59.84 and a 12-month high of $87.77.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. During the same quarter last year, the firm earned $1.93 EPS. SouthState’s quarterly revenue was down 8.2% on a year-over-year basis. As a group, equities analysts expect that SouthState Co. will post 6.37 earnings per share for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio is 33.93%.

Analyst Upgrades and Downgrades

SSB has been the topic of several analyst reports. Piper Sandler cut their price target on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Truist Financial decreased their price target on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Monday, April 29th. DA Davidson reissued a “buy” rating and set a $102.00 price target (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Finally, UBS Group raised their target price on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, SouthState has a consensus rating of “Hold” and an average target price of $88.17.

Insider Activity at SouthState

In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the sale, the president now owns 58,968 shares in the company, valued at $4,826,530.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

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.