Mesirow Institutional Investment Management Inc. Raises Stock Position in SouthState Co. (NASDAQ:SSB)

Mesirow Institutional Investment Management Inc. increased its stake in SouthState Co. (NASDAQ:SSB) by 17.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 201,724 shares of the bank’s stock after buying an additional 30,234 shares during the quarter. SouthState comprises 1.4% of Mesirow Institutional Investment Management Inc.’s portfolio, making the stock its 19th largest position. Mesirow Institutional Investment Management Inc. owned about 0.26% of SouthState worth $15,416,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC increased its position in shares of SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after acquiring an additional 272 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in SouthState during the 1st quarter worth approximately $30,000. TFO Wealth Partners LLC increased its holdings in SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the last quarter. GAMMA Investing LLC raised its position in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in shares of SouthState during the 2nd quarter valued at approximately $133,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Stephens increased their price objective on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Raymond James upgraded SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research note on Tuesday, May 21st. Truist Financial lifted their target price on SouthState from $81.00 to $109.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Piper Sandler upped their price target on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Finally, DA Davidson lifted their price objective on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, SouthState currently has an average rating of “Hold” and an average target price of $102.75.

SouthState Trading Down 1.0 %

SouthState stock opened at $96.14 on Wednesday. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $101.32. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $7.32 billion, a price-to-earnings ratio of 15.68 and a beta of 0.68. The firm has a 50-day moving average price of $88.52 and a two-hundred day moving average price of $82.49.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. During the same period in the previous year, the firm posted $1.63 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. Sell-side analysts expect that SouthState Co. will post 6.7 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.25%. This is a positive change from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is 35.24%.

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.