SouthState Co. (NASDAQ:SSB) Shares Sold by Tributary Capital Management LLC

Tributary Capital Management LLC lowered its position in shares of SouthState Co. (NASDAQ:SSB) by 0.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 273,790 shares of the bank’s stock after selling 922 shares during the period. SouthState comprises about 2.1% of Tributary Capital Management LLC’s holdings, making the stock its 12th largest position. Tributary Capital Management LLC’s holdings in SouthState were worth $26,607,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Fidelis Capital Partners LLC acquired a new stake in shares of SouthState during the first quarter worth about $30,000. Waldron Private Wealth LLC purchased a new position in shares of SouthState in the 3rd quarter valued at approximately $35,000. GAMMA Investing LLC increased its holdings in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. UMB Bank n.a. raised its stake in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in SouthState in the 2nd quarter valued at $97,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SSB. Keefe, Bruyette & Woods raised their target price on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. DA Davidson boosted their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Citigroup initiated coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Piper Sandler upped their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Hovde Group raised their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.44.

SouthState Stock Down 2.3 %

Shares of NASDAQ:SSB opened at $95.78 on Monday. The company has a market capitalization of $7.30 billion, a P/E ratio of 15.62 and a beta of 0.67. The stock’s fifty day simple moving average is $96.35 and its 200-day simple moving average is $86.35. SouthState Co. has a 52-week low of $64.81 and a 52-week high of $103.82. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. SouthState’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.62 EPS. As a group, equities research analysts forecast that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.26%. SouthState’s payout ratio is currently 35.24%.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction on Friday, September 20th. The shares were 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 owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’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 sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was 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.

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.