SouthState Corp Reduces Holdings in SouthState Co. (NASDAQ:SSB)

SouthState Corp lowered its position in SouthState Co. (NASDAQ:SSB) by 21.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,865 shares of the bank’s stock after selling 11,556 shares during the quarter. SouthState Corp owned about 0.06% of SouthState worth $4,166,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. raised its position in SouthState by 0.6% in the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares during the period. Raymond James & Associates raised its holdings in shares of SouthState by 0.6% in the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of SouthState by 7.0% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after acquiring an additional 186 shares during the last quarter. UMB Bank n.a. increased its stake in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the period. Finally, KBC Group NV lifted its position in shares of SouthState by 16.3% during the third quarter. KBC Group NV now owns 2,296 shares of the bank’s stock worth $223,000 after purchasing an additional 321 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated 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 directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SSB shares. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Citigroup began coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Keefe, Bruyette & Woods restated 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. Truist Financial dropped their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Finally, Piper Sandler boosted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $105.11.

SouthState Price Performance

Shares of SSB opened at $105.58 on Tuesday. The company has a 50 day moving average of $98.93 and a two-hundred day moving average of $89.04. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $113.14. The company has a market cap of $8.05 billion, a price-to-earnings ratio of 15.28 and a beta of 0.66.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the business earned $1.62 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. As a group, analysts predict that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed 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. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

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.