SouthState Co. (NASDAQ:SSB) Shares Sold by SouthState Corp

SouthState Corp reduced its stake in shares of SouthState Co. (NASDAQ:SSB) by 21.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,865 shares of the bank’s stock after selling 11,556 shares during the period. SouthState Corp’s holdings in SouthState were worth $4,166,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Waldron Private Wealth LLC acquired a new position in SouthState during the third quarter worth $35,000. GAMMA Investing LLC boosted its position in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in SouthState during the second quarter worth about $97,000. Finally, Innealta Capital LLC purchased a new position in SouthState during the second quarter worth about $133,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SouthState

In other news, 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 transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

SouthState Stock Performance

Shares of SouthState stock opened at $105.58 on Tuesday. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 15.28 and a beta of 0.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The business has a 50-day moving average of $98.93 and a 200 day moving average of $89.04. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $113.14.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same quarter last year, the firm posted $1.62 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, sell-side analysts forecast that SouthState Co. will post 6.92 earnings per share for the current year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.05%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Stephens raised their target price on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Citigroup began coverage on SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target for the company. Finally, Truist Financial reduced their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $105.11.

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.