Heritage Family Offices LLP Trims Stake in SouthState Co. (NASDAQ:SSB)

Heritage Family Offices LLP lessened its position in shares of SouthState Co. (NASDAQ:SSB) by 22.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,072 shares of the bank’s stock after selling 601 shares during the quarter. Heritage Family Offices LLP’s holdings in SouthState were worth $206,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. purchased a new position in SouthState during the 4th quarter worth $21,498,000. Fifth Third Wealth Advisors LLC grew its holdings in shares of SouthState by 46.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the bank’s stock worth $332,000 after buying an additional 1,063 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in SouthState in the 4th quarter valued at about $1,008,000. Wedmont Private Capital raised its stake in SouthState by 16.3% during the 4th quarter. Wedmont Private Capital now owns 2,786 shares of the bank’s stock valued at $258,000 after acquiring an additional 391 shares during the last quarter. Finally, Salem Investment Counselors Inc. lifted its position in SouthState by 25.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 12,516 shares of the bank’s stock worth $1,245,000 after acquiring an additional 2,502 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. UBS Group began coverage on SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price on the stock. Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Stephens reissued an “overweight” rating and set a $130.00 price target on shares of SouthState in a report on Thursday, January 2nd. Finally, Truist Financial lowered their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $112.56.

SouthState Stock Performance

SSB opened at $98.61 on Friday. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The stock has a market cap of $7.52 billion, a P/E ratio of 15.22 and a beta of 0.70. The stock’s 50 day simple moving average is $104.22 and its 200 day simple moving average is $97.20. 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 (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. SouthState’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 earnings per share. As a group, equities analysts anticipate that SouthState Co. will post 6.99 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.19%. SouthState’s dividend payout ratio is currently 33.33%.

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.