SouthState Co. (NASDAQ:SSB) CFO Sells $500,000.00 in Stock

SouthState Co. (NASDAQ:SSB) CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $98.78 on Friday. The stock’s 50-day moving average is $93.43 and its 200 day moving average is $83.64. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 16.11 and a beta of 0.67. SouthState Co. has a 1-year low of $63.36 and a 1-year high of $102.82. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.63 EPS. On average, sell-side analysts anticipate that SouthState Co. will post 6.7 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.19%. This is an increase from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is currently 35.24%.

Institutional Investors Weigh In On SouthState

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in SouthState by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after purchasing an additional 54,147 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after buying an additional 371,987 shares during the last quarter. Victory Capital Management Inc. boosted its position in SouthState by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after buying an additional 45,176 shares during the period. Franklin Resources Inc. boosted its position in SouthState by 26.8% during the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after buying an additional 466,144 shares during the period. Finally, American Century Companies Inc. grew its holdings in SouthState by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after acquiring an additional 39,492 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SSB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Hovde Group increased their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Piper Sandler lifted their target price on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. DA Davidson upped their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, Truist Financial raised their price objective on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.00.

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.