Private Management Group Inc. Has $17.06 Million Holdings in SouthState Co. (NASDAQ:SSB)

Private Management Group Inc. cut its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 175,551 shares of the bank's stock after selling 9,936 shares during the quarter. Private Management Group Inc. owned approximately 0.23% of SouthState worth $17,060,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. State of Michigan Retirement System increased its holdings in shares of SouthState by 2.7% in the 1st quarter. State of Michigan Retirement System now owns 18,700 shares of the bank's stock valued at $1,590,000 after acquiring an additional 500 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of SouthState by 36.5% in the 1st quarter. Van ECK Associates Corp now owns 26,757 shares of the bank's stock valued at $2,275,000 after acquiring an additional 7,156 shares during the last quarter. J.W. Cole Advisors Inc. bought a new stake in shares of SouthState in the 1st quarter valued at approximately $418,000. Sequoia Financial Advisors LLC bought a new stake in shares of SouthState in the 1st quarter valued at approximately $266,000. Finally, BNP Paribas Financial Markets grew its stake in SouthState by 82.5% during the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank's stock worth $3,601,000 after buying an additional 19,138 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction 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 transaction, the insider now owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction 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 in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company's stock.

SouthState Trading Down 0.1 %

Shares of SSB stock traded down $0.11 during trading hours on Friday, reaching $97.42. 445,528 shares of the stock traded hands, compared to its average volume of 478,403. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $7.43 billion, a PE ratio of 15.03 and a beta of 0.67. SouthState Co. has a 1-year low of $67.69 and a 1-year high of $103.82. The business has a fifty day moving average price of $96.91 and a 200 day moving average price of $86.93.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the firm earned $1.62 earnings per share. SouthState's quarterly revenue was down .4% on a year-over-year basis. On average, equities research analysts forecast that SouthState Co. will post 6.85 EPS for the current year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.22%. SouthState's payout ratio is 33.33%.

Analysts Set New Price Targets

A number of research analysts recently commented on SSB shares. Truist Financial lowered 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. Piper Sandler upped their price objective on SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Citigroup initiated coverage on SouthState in a research report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target for the company. Keefe, Bruyette & Woods boosted their price target on SouthState from $95.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, July 29th. Finally, Stephens boosted their price target on SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $104.00.

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.