Private Management Group Inc. Sells 9,936 Shares of SouthState Co. (NASDAQ:SSB)

Private Management Group Inc. reduced its stake in shares of SouthState Co. (NASDAQ:SSB) by 5.4% during the third quarter, Holdings Channel reports. The institutional investor owned 175,551 shares of the bank’s stock after selling 9,936 shares during the quarter. Private Management Group Inc.’s holdings in SouthState were worth $17,060,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSB. F M Investments LLC grew its stake in shares of SouthState by 2.4% in the third quarter. F M Investments LLC now owns 97,876 shares of the bank’s stock worth $9,512,000 after purchasing an additional 2,300 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in shares of SouthState by 7.0% in the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after purchasing an additional 186 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of SouthState by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 8,817 shares of the bank’s stock worth $856,000 after purchasing an additional 600 shares during the last quarter. Nicholson Wealth Management Group LLC bought a new stake in shares of SouthState in the third quarter worth about $693,000. Finally, International Assets Investment Management LLC grew its stake in shares of SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Truist Financial lowered their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Citigroup initiated coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. DA Davidson boosted 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. Hovde Group boosted their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Stephens boosted their target price on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and a consensus target price of $104.00.

Insider Buying and Selling

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

SouthState Price Performance

SSB stock traded down $0.11 during mid-day trading on Friday, hitting $97.42. The company had a trading volume of 445,528 shares, compared to its average volume of 478,403. The company has a 50-day moving average price of $96.91 and a 200 day moving average price of $86.93. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 15.03 and a beta of 0.67. SouthState Co. has a 12-month low of $67.69 and a 12-month high of $103.82.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business’s revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.62 EPS. On average, research analysts anticipate that SouthState Co. will post 6.85 earnings per share for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is currently 33.33%.

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.