SouthState Co. (NASDAQ:SSB) Position Decreased by SouthState Corp

SouthState Corp decreased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 4.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 57,061 shares of the bank’s stock after selling 2,899 shares during the period. SouthState Corp’s holdings in SouthState were worth $4,819,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Covestor Ltd boosted its holdings in shares of SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after buying an additional 214 shares during the period. International Assets Investment Management LLC boosted its holdings 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 worth $107,000 after buying an additional 1,252 shares during the period. Nisa Investment Advisors LLC boosted its holdings 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 worth $190,000 after buying an additional 205 shares during the period. Abacus Planning Group Inc. purchased a new stake in shares of SouthState in the fourth quarter worth approximately $203,000. Finally, Builder Investment Group Inc. ADV purchased a new stake in shares of SouthState in the fourth quarter worth approximately $205,000. Institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the topic of several recent research reports. DA Davidson reaffirmed a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. Truist Financial cut their price objective on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday. UBS Group raised their price objective on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Finally, Piper Sandler cut their price objective on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $88.17.

SouthState Stock Performance

Shares of NASDAQ:SSB traded up $0.97 during trading on Thursday, reaching $78.25. The stock had a trading volume of 340,401 shares, compared to its average volume of 419,062. SouthState Co. has a 52 week low of $59.51 and a 52 week high of $87.77. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of 12.78 and a beta of 0.75. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $80.95 and a two-hundred day simple moving average of $79.14.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. The company had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. As a group, analysts anticipate that SouthState Co. will post 6.37 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.66%. SouthState’s payout ratio is 33.93%.

Insider Transactions at SouthState

In other news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now 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 at this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

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.