Select Equity Group L.P. Trims Stock Holdings in SouthState Co. (NASDAQ:SSB)

Select Equity Group L.P. lessened its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 67.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 155,579 shares of the bank's stock after selling 316,622 shares during the quarter. Select Equity Group L.P. owned 0.20% of SouthState worth $11,889,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SSB. Earnest Partners LLC boosted its position in SouthState by 2.8% in the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank's stock worth $114,197,000 after purchasing an additional 40,879 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of SouthState by 214.5% in the 2nd quarter. AQR Capital Management LLC now owns 36,711 shares of the bank's stock valued at $2,769,000 after purchasing an additional 25,037 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in SouthState during the second quarter worth $97,000. Marshall Wace LLP acquired a new stake in SouthState during the second quarter valued at $527,000. Finally, Prospector Partners LLC increased its holdings in SouthState by 40.6% in the second quarter. Prospector Partners LLC now owns 121,237 shares of the bank's stock valued at $9,265,000 after buying an additional 34,980 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Stock Performance

NASDAQ SSB opened at $95.52 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $7.28 billion, a P/E ratio of 15.58 and a beta of 0.67. The stock has a 50-day moving average of $94.05 and a two-hundred day moving average of $84.00. SouthState Co. has a 1-year low of $63.36 and a 1-year high of $102.82.

SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25. The company had revenue of $425.48 million during the quarter, compared to analysts' expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm's revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.63 EPS. As a group, analysts anticipate that SouthState Co. will post 6.69 EPS for the current year.

SouthState Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from SouthState's previous quarterly dividend of $0.23. SouthState's payout ratio is 35.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. DA Davidson upped their target price on SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Truist Financial raised their target price on SouthState from $109.00 to $111.00 and gave the company a "hold" rating in a research report on Friday, September 20th. Stephens increased their price objective on SouthState from $88.00 to $101.00 and gave the company an "equal weight" rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lifted their target price on shares of SouthState from $95.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday, July 29th. Finally, Hovde Group increased their target price on shares of SouthState from $97.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, SouthState has a consensus rating of "Hold" and an average price target of $103.00.

Insider Buying and Selling at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction on 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 of the company's stock, valued at $3,332,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm's stock in a transaction that occurred on 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 owns 33,328 shares of the company's stock, valued at $3,332,800. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the company'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 completion of the transaction, the chief financial officer now owns 36,964 shares of the company's stock, valued at approximately $3,696,400. The disclosure for this sale can be found here. Insiders own 1.26% of the company's stock.

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.

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