Teton Advisors Inc. Has $752,000 Holdings in SouthState Co. (NASDAQ:SSB)

Teton Advisors Inc. cut its holdings in shares of SouthState Co. (NASDAQ:SSB) by 3.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,900 shares of the bank’s stock after selling 300 shares during the quarter. Teton Advisors Inc.’s holdings in SouthState were worth $752,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SSB. Parallel Advisors LLC raised its stake in shares of SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares in the last quarter. TFO Wealth Partners LLC raised its stake in shares of SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares in the last quarter. Covestor Ltd raised its stake in shares of SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock valued at $43,000 after purchasing an additional 214 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after purchasing an additional 1,252 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of SouthState by 10.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock valued at $190,000 after purchasing an additional 205 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. DA Davidson restated a “buy” rating and issued a $102.00 target price (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Piper Sandler cut their target price on SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday. UBS Group increased their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. Finally, Truist Financial dropped 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $88.17.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the sale, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was 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 disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

SouthState Price Performance

Shares of SSB stock traded up $0.99 during trading hours on Thursday, hitting $78.27. 340,401 shares of the company’s stock were exchanged, compared to its average volume of 419,062. The stock’s 50-day moving average is $80.95 and its 200-day moving average is $79.14. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 12.78 and a beta of 0.75. SouthState Co. has a 52 week low of $59.51 and a 52 week high of $87.77.

SouthState (NASDAQ:SSB) last announced its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.55 by $0.03. The company had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.93 earnings per share. As a group, research analysts forecast that SouthState Co. will post 6.37 EPS for the current year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders 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 payout ratio 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.