SG Americas Securities LLC Sells 12,591 Shares of SouthState Co. (NASDAQ:SSB)

SG Americas Securities LLC decreased its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 65.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,675 shares of the bank's stock after selling 12,591 shares during the quarter. SG Americas Securities LLC's holdings in SouthState were worth $510,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. NBC Securities Inc. grew its stake in SouthState by 1.6% during the second quarter. NBC Securities Inc. now owns 96,194 shares of the bank's stock worth $7,351,000 after buying an additional 1,529 shares during the last quarter. GAMMA Investing LLC grew its position in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock worth $47,000 after acquiring an additional 333 shares during the last quarter. Red Spruce Capital LLC increased its holdings in SouthState by 10.2% during the 2nd quarter. Red Spruce Capital LLC now owns 33,135 shares of the bank's stock valued at $2,532,000 after purchasing an additional 3,065 shares in the last quarter. Hancock Whitney Corp bought a new position in SouthState in the 1st quarter valued at $564,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in SouthState by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank's stock worth $4,234,000 after purchasing an additional 2,899 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Performance

NASDAQ:SSB traded up $0.25 during mid-day trading on Wednesday, hitting $91.37. The stock had a trading volume of 262,730 shares, compared to its average volume of 483,929. The company's 50 day simple moving average is $84.39 and its 200 day simple moving average is $81.59. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 14.91 and a beta of 0.68. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.91. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $101.32.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. During the same period in the previous year, the company posted $1.63 EPS. The firm's revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts forecast that SouthState Co. will post 6.64 earnings per share for the current year.

SouthState Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState's previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a dividend yield of 2.36%. SouthState's dividend payout ratio is presently 35.24%.

Analyst Ratings Changes

SSB has been the topic of several research reports. Truist Financial upped their price target on shares of SouthState from $81.00 to $109.00 and gave the stock a "hold" rating in a research report on Monday, July 29th. Stephens boosted their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an "equal weight" rating in a research report on Monday, July 29th. Hovde Group increased their price objective on SouthState from $97.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. Raymond James raised SouthState from a "market perform" rating to an "outperform" rating and set a $90.00 target price for the company in a research note on Tuesday, May 21st. Finally, Piper Sandler raised their price target on SouthState from $95.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, SouthState currently has a consensus rating of "Hold" and an average target price of $102.75.

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.