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

Inspire Investing LLC grew its stake in SouthState Co. (NASDAQ:SSB) by 122.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,543 shares of the bank’s stock after purchasing 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 large investors also recently modified their holdings of the stock. Waldron Private Wealth LLC bought a new stake in SouthState during the 3rd quarter worth approximately $35,000. UMB Bank n.a. grew its position in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState during the 2nd quarter worth approximately $97,000. International Assets Investment Management LLC grew its position in SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after acquiring an additional 1,443 shares during the last quarter. Finally, William B. Walkup & Associates Inc. bought a new stake in SouthState during the 2nd quarter worth approximately $151,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 4.8 %

NASDAQ:SSB 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 company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $7.88 billion, a P/E ratio of 15.94 and a beta of 0.70. The stock’s fifty day simple moving average is $103.32 and its 200-day simple moving average is $98.21.

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

SouthState Announces Dividend

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

Analyst Upgrades and Downgrades

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

SouthState 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.