SouthState Co. (NASDAQ:SSB) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 20.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 67,302 shares of the bank’s stock after selling 17,098 shares during the period. Wedge Capital Management L L P NC’s holdings in SouthState were worth $6,540,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Chicago Partners Investment Group LLC acquired a new stake in shares of SouthState during the 4th quarter valued at $215,000. Teachers Retirement System of The State of Kentucky boosted its position in shares of SouthState by 6.1% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 53,767 shares of the bank’s stock valued at $4,540,000 after purchasing an additional 3,083 shares during the period. Virtu Financial LLC acquired a new position in shares of SouthState in the 4th quarter valued at $349,000. Vanguard Group Inc. raised its holdings in SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after buying an additional 54,147 shares during the period. Finally, Red Spruce Capital LLC lifted its stake in SouthState by 2.1% during the first quarter. Red Spruce Capital LLC now owns 30,070 shares of the bank’s stock valued at $2,557,000 after buying an additional 605 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 1.4 %

NASDAQ SSB opened at $100.42 on Tuesday. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $102.82. The stock has a market cap of $7.65 billion, a PE ratio of 16.38 and a beta of 0.67. The firm has a 50-day simple moving average of $94.45 and a 200 day simple moving average of $85.24. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91.

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

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.15%. SouthState’s dividend payout ratio (DPR) is 35.24%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Citigroup began coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Hovde Group increased their target price on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Truist Financial lifted their target price on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Stephens boosted their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, SouthState has an average rating of “Moderate Buy” and a consensus price target of $102.89.

Insider Activity

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the business’s 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 sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. 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.