Inspire Investing LLC Acquires 3,598 Shares of SouthState Co. (NASDAQ:SSB)

Inspire Investing LLC boosted its holdings in shares of SouthState Co. (NASDAQ:SSB) by 122.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,543 shares of the bank’s stock after acquiring an additional 3,598 shares during the period. Inspire Investing LLC’s holdings in SouthState were worth $651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BIP Wealth LLC lifted its holdings in shares of SouthState by 605.2% in the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock valued at $3,054,000 after purchasing an additional 26,966 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after purchasing an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of SouthState by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock valued at $39,736,000 after acquiring an additional 9,863 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after acquiring an additional 25,495 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in shares of SouthState in the fourth quarter valued at about $1,008,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Price Performance

SouthState stock opened at $103.29 on Friday. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The stock’s 50 day moving average is $103.32 and its 200-day moving average is $98.21. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 15.94 and a beta of 0.70.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the prior year, the business earned $1.62 earnings per share. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts expect that SouthState Co. will post 6.99 EPS for the current year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Friday, February 7th. SouthState’s payout ratio is 33.33%.

Analyst Ratings Changes

A number of research firms recently issued reports on SSB. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Stephens reaffirmed an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research report on Friday. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Finally, Truist Financial lowered their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.56.

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.