nVerses Capital LLC Makes New $418,000 Investment in SouthState Co. (NASDAQ:SSB)

nVerses Capital LLC bought a new position in shares of SouthState Co. (NASDAQ:SSB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,300 shares of the bank’s stock, valued at approximately $418,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SSB. SageView Advisory Group LLC bought a new stake in shares of SouthState during the first quarter valued at approximately $879,000. BNP Paribas Financial Markets raised its position in shares of SouthState by 82.5% during the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after buying an additional 19,138 shares during the last quarter. Vanguard Group Inc. raised its position in shares of SouthState by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after buying an additional 54,147 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in shares of SouthState during the first quarter valued at approximately $2,754,000. Finally, Janney Montgomery Scott LLC raised its position in shares of SouthState by 107.4% during the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock valued at $1,616,000 after buying an additional 9,843 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports 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 on the stock. Keefe, Bruyette & Woods raised their target price on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Hovde Group raised their target price on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Stephens raised their target price on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, DA Davidson raised their target price on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $102.89.

SouthState Stock Up 0.7 %

NASDAQ SSB opened at $102.98 on Friday. 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 company has a fifty day moving average of $95.27 and a two-hundred day moving average of $85.60. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 16.80 and a beta of 0.67. SouthState Co. has a 52 week low of $63.36 and a 52 week high of $103.82.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.63 earnings per share. On average, analysts predict that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s payout ratio is presently 35.24%.

Insider Activity at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

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.