Entropy Technologies LP Sells 19,095 Shares of SouthState Co. (NASDAQ:SSB)

Entropy Technologies LP trimmed its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 64.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,328 shares of the bank's stock after selling 19,095 shares during the period. Entropy Technologies LP's holdings in SouthState were worth $1,004,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SSB. Waldron Private Wealth LLC acquired a new stake in SouthState in the third quarter valued at approximately $35,000. GAMMA Investing LLC grew its position in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock worth $47,000 after buying an additional 333 shares in the last quarter. UMB Bank n.a. increased its position in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after purchasing an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of SouthState in the 2nd quarter valued at $97,000. Finally, Innealta Capital LLC acquired a new stake in SouthState during the second quarter valued at approximately $133,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Citigroup assumed coverage on shares of SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 target price on the stock. Keefe, Bruyette & Woods restated an "outperform" rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday. Finally, DA Davidson upped their price target on shares of SouthState from $102.00 to $112.00 and gave the company a "buy" rating in a report on Friday, July 26th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, SouthState presently has an average rating of "Hold" and an average target price of $105.11.

SouthState Stock Down 0.3 %

Shares of NASDAQ:SSB traded down $0.36 during midday trading on Thursday, hitting $106.49. The stock had a trading volume of 542,361 shares, compared to its average volume of 486,874. The company has a market cap of $8.12 billion, a P/E ratio of 16.43 and a beta of 0.66. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $113.14. The business's 50-day simple moving average is $98.68 and its 200-day simple moving average is $88.67. 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 (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The company had revenue of $426.41 million for the quarter, compared to analysts' expectations of $429.47 million. During the same period in the prior year, the firm earned $1.62 EPS. SouthState's quarterly revenue was down .4% compared to the same quarter last year. On average, sell-side analysts forecast that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Friday, November 8th. SouthState's payout ratio is presently 33.33%.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 5,000 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction 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 disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.

SouthState Company 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.