Citigroup Inc. Purchases 9,693 Shares of SouthState Co. (NASDAQ:SSB)

Citigroup Inc. increased its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 213,175 shares of the bank's stock after purchasing an additional 9,693 shares during the period. Citigroup Inc. owned approximately 0.28% of SouthState worth $20,716,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank's stock valued at $95,999,000 after acquiring an additional 72,181 shares during the last quarter. Intech Investment Management LLC bought a new position in SouthState during the third quarter valued at approximately $1,605,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in SouthState by 33.9% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 165,356 shares of the bank's stock valued at $16,070,000 after acquiring an additional 41,874 shares during the last quarter. Segall Bryant & Hamill LLC grew its position in SouthState by 3.8% during the third quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank's stock valued at $60,454,000 after acquiring an additional 22,855 shares during the last quarter. Finally, BIP Wealth LLC grew its position in SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock valued at $3,054,000 after acquiring an additional 26,966 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Piper Sandler raised their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Citigroup initiated coverage on shares of SouthState in a report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 target price on the stock. Finally, Truist Financial cut 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. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $105.11.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 5,000 shares of the business's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

SouthState Trading Up 0.2 %

SSB stock traded up $0.23 on Wednesday, reaching $111.25. The company's stock had a trading volume of 565,970 shares, compared to its average volume of 489,719. The business has a fifty day simple moving average of $100.78 and a two-hundred day simple moving average of $90.41. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The firm has a market cap of $8.49 billion, a PE ratio of 17.21 and a beta of 0.66. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

SouthState (NASDAQ:SSB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $429.47 million. During the same quarter last year, the firm posted $1.62 earnings per share. The firm's revenue was down .4% on a year-over-year basis. As a group, research 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. This represents a $2.16 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Friday, November 8th. SouthState's payout ratio is 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.