SouthState Co. (NASDAQ:SSB) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky trimmed its stake in shares of SouthState Co. (NASDAQ:SSB) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,321 shares of the bank’s stock after selling 670 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.07% of SouthState worth $4,987,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of SSB. Geode Capital Management LLC grew its position in SouthState by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock valued at $176,931,000 after buying an additional 31,340 shares during the period. XTX Topco Ltd purchased a new stake in shares of SouthState during the 3rd quarter worth about $445,000. Jane Street Group LLC grew its position in shares of SouthState by 14.5% during the 3rd quarter. Jane Street Group LLC now owns 149,411 shares of the bank’s stock valued at $14,520,000 after acquiring an additional 18,881 shares during the period. Stifel Financial Corp increased its stake in shares of SouthState by 10.5% in the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after purchasing an additional 6,062 shares in the last quarter. Finally, NFJ Investment Group LLC raised its holdings in SouthState by 17.1% in the 3rd quarter. NFJ Investment Group LLC now owns 51,929 shares of the bank’s stock worth $5,046,000 after purchasing an additional 7,598 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on SSB shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price objective (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. Truist Financial reduced their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Stephens raised shares of SouthState from an “equal weight” rating to an “overweight” rating in a research note on Monday. Finally, Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, SouthState has an average rating of “Moderate Buy” and an average target price of $105.11.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was 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 owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

SouthState Stock Down 1.8 %

Shares of NASDAQ SSB opened at $107.81 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $103.92 and a 200 day moving average of $92.79. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The stock has a market cap of $8.23 billion, a PE ratio of 16.64 and a beta of 0.69.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 earnings per share. As a group, sell-side analysts predict that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.00%. SouthState’s dividend payout ratio is presently 33.33%.

SouthState Company 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.