SouthState Co. (NASDAQ:SSB) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its stake in shares of SouthState Co. (NASDAQ:SSB) by 20.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,302 shares of the bank’s stock after selling 17,098 shares during the quarter. Wedge Capital Management L L P NC owned about 0.09% of SouthState worth $6,540,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Chicago Partners Investment Group LLC acquired a new position in SouthState during the fourth quarter worth about $215,000. Teachers Retirement System of The State of Kentucky increased its stake in SouthState by 6.1% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 53,767 shares of the bank’s stock valued at $4,540,000 after purchasing an additional 3,083 shares in the last quarter. Virtu Financial LLC acquired a new position in SouthState during the fourth quarter worth $349,000. Vanguard Group Inc. grew its holdings 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. Finally, Red Spruce Capital LLC raised its stake in shares of SouthState by 2.1% during the 1st quarter. Red Spruce Capital LLC now owns 30,070 shares of the bank’s stock worth $2,557,000 after buying an additional 605 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $100.42 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s 50-day moving average is $94.45 and its 200-day moving average is $85.24. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 16.38 and a beta of 0.67. SouthState Co. has a 12 month low of $63.36 and a 12 month high of $102.82.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. During the same period in the prior year, the company posted $1.63 EPS. SouthState’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts anticipate that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of research reports. DA Davidson increased their price objective on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Citigroup began coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target for the company. Truist Financial lifted their price objective on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Stephens lifted their price target on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.89.

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.