Janney Montgomery Scott LLC reduced its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 46.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,152 shares of the bank's stock after selling 7,969 shares during the period. Janney Montgomery Scott LLC's holdings in SouthState were worth $889,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of SouthState by 234.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank's stock valued at $2,003,000 after acquiring an additional 18,374 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of SouthState by 14.4% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank's stock valued at $9,437,000 after purchasing an additional 15,500 shares during the period. Mesirow Institutional Investment Management Inc. boosted its position in shares of SouthState by 17.6% during the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank's stock worth $15,416,000 after purchasing an additional 30,234 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of SouthState by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank's stock valued at $87,464,000 after buying an additional 21,160 shares during the period. Finally, GAMMA Investing LLC increased its position in SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock valued at $47,000 after buying an additional 333 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.
SouthState Trading Down 0.4 %
Shares of NASDAQ SSB traded down $0.42 during trading hours on Friday, hitting $106.07. The company's stock had a trading volume of 711,151 shares, compared to its average volume of 574,095. The business has a 50-day simple moving average of $98.93 and a 200-day simple moving average of $88.96. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 15.28 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 Co. has a 12 month low of $70.68 and a 12 month high of $113.14.
SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same period in the previous year, the firm earned $1.62 EPS. The company's quarterly revenue was down .4% compared to the same quarter last year. On average, analysts anticipate 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 was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Friday, November 8th. SouthState's dividend payout ratio is presently 33.33%.
Analyst Ratings Changes
Several brokerages recently weighed in on SSB. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. DA Davidson upped their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Stephens increased their target price on shares of SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Citigroup assumed coverage on shares of SouthState in a report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price target on the stock. Finally, Truist Financial dropped their price objective on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $105.11.
Read Our Latest Analysis on SSB
Insider Buying and Selling
In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm's stock in a transaction on 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated 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 directly owns 36,964 shares in the company, valued at $3,696,400. This trade 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.
About SouthState
(
Free Report)
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.
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