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

Barclays PLC decreased its position in SouthState Co. (NASDAQ:SSB - Free Report) by 28.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 215,967 shares of the bank's stock after selling 86,636 shares during the quarter. Barclays PLC owned 0.28% of SouthState worth $20,987,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Waldron Private Wealth LLC bought a new stake in SouthState during the 3rd quarter worth about $35,000. UMB Bank n.a. raised its holdings in SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after acquiring an additional 192 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in SouthState during the second quarter valued at approximately $97,000. Innealta Capital LLC bought a new position in SouthState in the second quarter valued at approximately $133,000. Finally, International Assets Investment Management LLC increased its position in shares of SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock worth $142,000 after purchasing an additional 1,443 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SSB. Stephens raised SouthState from an "equal weight" rating to an "overweight" rating in a report on Monday, December 9th. Citigroup began coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price objective for the company. Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Truist Financial reduced their price target on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, SouthState has a consensus rating of "Moderate Buy" and an average price target of $105.11.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 5,000 shares of the company'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 in the company, valued at $3,696,400. The trade was a 11.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at $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 owned by company insiders.

SouthState Stock Performance

Shares of SouthState stock traded up $0.84 on Friday, hitting $108.71. The stock had a trading volume of 571,293 shares, compared to its average volume of 490,759. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26. The business's 50 day moving average is $104.17 and its two-hundred day moving average is $93.25. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock has a market cap of $8.29 billion, a price-to-earnings ratio of 16.78 and a beta of 0.69.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm's revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 earnings per share. Analysts forecast that SouthState Co. will post 6.94 EPS for the current year.

SouthState Dividend Announcement

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

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.