Requisite Capital Management LLC Has $294,000 Stock Holdings in SouthState Co. $SSB

Requisite Capital Management LLC decreased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 3.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,191 shares of the bank’s stock after selling 104 shares during the quarter. Requisite Capital Management LLC’s holdings in SouthState were worth $294,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in SouthState during the 1st quarter valued at $33,000. Flaharty Asset Management LLC acquired a new stake in SouthState during the 1st quarter valued at $45,000. Versant Capital Management Inc lifted its holdings in SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock valued at $53,000 after purchasing an additional 485 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in SouthState by 181.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock valued at $54,000 after purchasing an additional 378 shares during the last quarter. Finally, Summit Securities Group LLC lifted its holdings in SouthState by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the bank’s stock valued at $64,000 after purchasing an additional 309 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 5,000 shares of SouthState stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the transaction, the insider owned 31,785 shares in the company, valued at $3,165,786. The trade was a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Janet P. Froetscher purchased 3,338 shares of the business’s stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the purchase, the director directly owned 8,294 shares of the company’s stock, valued at approximately $807,089.14. This represents a 67.35% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,338 shares of company stock worth $786,321 over the last 90 days. Insiders own 1.70% of the company’s stock.

SouthState Stock Down 0.4%

Shares of NASDAQ SSB opened at $98.89 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a 52 week low of $77.74 and a 52 week high of $114.26. The stock has a market capitalization of $10.01 billion, a P/E ratio of 14.21 and a beta of 0.74. The stock’s fifty day moving average is $98.67 and its 200 day moving average is $92.95.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The firm had revenue of $840.50 million for the quarter, compared to analysts’ expectations of $645.12 million. During the same quarter in the previous year, the business posted $1.74 earnings per share. Sell-side analysts forecast that SouthState Co. will post 8.12 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were given a $0.60 dividend. This is a boost from SouthState’s previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, August 8th. SouthState’s dividend payout ratio (DPR) is presently 35.77%.

Wall Street Analyst Weigh In

SSB has been the topic of several recent research reports. National Bankshares set a $127.00 price objective on SouthState in a research report on Wednesday, September 24th. Hovde Group increased their price objective on SouthState from $97.00 to $105.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. TD Cowen initiated coverage on SouthState in a research report on Thursday, September 25th. They set a “buy” rating and a $127.00 price objective on the stock. Citigroup reiterated a “buy” rating and set a $117.00 price objective (up previously from $113.00) on shares of SouthState in a research report on Monday, July 28th. Finally, Barclays increased their price objective on SouthState from $117.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $117.08.

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.