PI Global Investments
Hedge Funds

Exane Derivatives Acquires Shares of 1,402 SouthState Co. (NASDAQ:SSB)


Exane Derivatives acquired a new stake in SouthState Co. (NASDAQ:SSBGet Rating) in the first quarter, Holdings Channel reports. The institutional investor acquired 1,402 shares of the bank’s stock, valued at approximately $114,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Select Equity Group L.P. increased its stake in shares of SouthState by 4.4% during the fourth quarter. Select Equity Group L.P. now owns 3,430,784 shares of the bank’s stock worth $274,840,000 after purchasing an additional 143,594 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of SouthState by 2.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,593,645 shares of the bank’s stock worth $207,777,000 after purchasing an additional 62,332 shares in the last quarter. River Oaks Capital LLC purchased a new stake in shares of SouthState during the fourth quarter worth about $2,572,000. Dimensional Fund Advisors LP increased its stake in shares of SouthState by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,266,269 shares of the bank’s stock worth $181,551,000 after purchasing an additional 13,702 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of SouthState by 38.0% during the fourth quarter. American Century Companies Inc. now owns 1,649,147 shares of the bank’s stock worth $132,113,000 after purchasing an additional 453,745 shares in the last quarter. 86.23% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ SSB opened at $76.47 on Friday. SouthState Co. has a 12-month low of $62.60 and a 12-month high of $93.34. The stock has a market cap of $5.77 billion, a PE ratio of 12.66 and a beta of 0.79. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $77.57 and a 200 day moving average of $81.80.

SouthState (NASDAQ:SSBGet Rating) last posted its earnings results on Thursday, April 28th. The bank reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.38. The company had revenue of $347.56 million for the quarter, compared to analyst estimates of $349.97 million. SouthState had a net margin of 30.19% and a return on equity of 10.54%. SouthState’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.17 EPS. On average, sell-side analysts forecast that SouthState Co. will post 6.77 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 20th. Shareholders of record on Friday, May 13th were issued a $0.49 dividend. The ex-dividend date was Thursday, May 12th. This represents a $1.96 annualized dividend and a yield of 2.56%. SouthState’s payout ratio is 32.45%.

A number of research firms have recently commented on SSB. DA Davidson cut their target price on shares of SouthState to $91.00 and set a “na” rating for the company in a research note on Monday, May 16th. StockNews.com cut shares of SouthState from a “hold” rating to a “sell” rating in a research note on Monday, May 23rd. Raymond James dropped their price objective on shares of SouthState from $93.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday. Truist Financial dropped their price objective on shares of SouthState from $92.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, June 15th. Finally, Keefe, Bruyette & Woods raised shares of SouthState from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $94.00 to $100.00 in a research note on Thursday, June 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, SouthState currently has an average rating of “Hold” and a consensus price target of $91.10.

SouthState Profile (Get Rating)

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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Co. (NASDAQ:SSBGet Rating).

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)



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