SouthState Corp Sells 2,899 Shares of SouthState Co. (NASDAQ:SSB)

SouthState Corp cut its holdings in SouthState Co. (NASDAQ:SSB) by 4.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,061 shares of the bank’s stock after selling 2,899 shares during the quarter. SouthState Corp owned 0.08% of SouthState worth $4,819,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Covestor Ltd lifted its holdings in shares of SouthState by 50.5% during the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock valued at $43,000 after buying an additional 214 shares during the period. International Assets Investment Management LLC increased its stake in shares of SouthState by 8,346.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after purchasing an additional 1,252 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of SouthState by 10.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after purchasing an additional 205 shares in the last quarter. Abacus Planning Group Inc. purchased a new stake in shares of SouthState in the 4th quarter worth $203,000. Finally, Builder Investment Group Inc. ADV purchased a new stake in shares of SouthState in the 4th quarter worth $205,000. 89.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

SSB has been the subject of several analyst reports. Truist Financial reduced their price objective on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research note on Monday. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. UBS Group increased their price target on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Piper Sandler cut their price target on SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday. Finally, DA Davidson reiterated a “buy” rating and issued a $102.00 price target (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $88.17.

Insider Activity at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

SouthState Price Performance

Shares of SSB traded up $0.97 during midday trading on Thursday, hitting $78.25. 340,401 shares of the company traded hands, compared to its average volume of 419,062. The firm has a 50 day moving average of $80.95 and a 200-day moving average of $79.14. SouthState Co. has a 52 week low of $59.51 and a 52 week high of $87.77. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 12.78 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.89 and a current ratio of 0.89.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same quarter in the prior year, the firm earned $1.93 EPS. The business’s revenue was down 8.2% on a year-over-year basis. On average, analysts forecast that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is presently 33.93%.

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.