Barclays PLC Sells 86,636 Shares of SouthState Co. (NASDAQ:SSB)

Barclays PLC trimmed its holdings in shares of SouthState Co. (NASDAQ:SSB) by 28.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 215,967 shares of the bank’s stock after selling 86,636 shares during the quarter. Barclays PLC owned about 0.28% of SouthState worth $20,987,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. XTX Topco Ltd acquired a new stake in shares of SouthState in the third quarter valued at about $445,000. Jane Street Group LLC increased its stake in SouthState by 14.5% during the third quarter. Jane Street Group LLC now owns 149,411 shares of the bank’s stock valued at $14,520,000 after acquiring an additional 18,881 shares during the period. Stifel Financial Corp raised its holdings in SouthState by 10.5% in the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after acquiring an additional 6,062 shares in the last quarter. NFJ Investment Group LLC grew its holdings in shares of SouthState by 17.1% during the 3rd quarter. NFJ Investment Group LLC now owns 51,929 shares of the bank’s stock worth $5,046,000 after purchasing an additional 7,598 shares in the last quarter. Finally, HighTower Advisors LLC lifted its position in SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock worth $1,083,000 after purchasing an additional 787 shares during the period. 89.76% of the stock is currently owned by institutional investors.

SouthState Price Performance

SSB opened at $108.71 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a market capitalization of $8.29 billion, a P/E ratio of 16.78 and a beta of 0.69. The company’s 50 day simple moving average is $104.17 and its 200-day simple moving average is $93.12. SouthState Co. has a one year low of $70.68 and a one year high of $114.26.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating 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 company had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same period last year, the firm earned $1.62 EPS. The business’s revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.99%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the 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 transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated 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 directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SSB shares. Stephens raised shares of SouthState from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Truist Financial reduced their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price objective (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Piper Sandler lifted their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $105.11.

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.