Wealth Enhancement Advisory Services LLC Sells 6,488 Shares of SouthState Co. (NASDAQ:SSB)

Wealth Enhancement Advisory Services LLC cut its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 24.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,720 shares of the bank's stock after selling 6,488 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in SouthState were worth $1,916,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fidelis Capital Partners LLC bought a new position in shares of SouthState during the 1st quarter worth approximately $30,000. Waldron Private Wealth LLC bought a new position in shares of SouthState during the third quarter valued at $35,000. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 333 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after purchasing an additional 192 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState during the 2nd quarter worth about $97,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SSB shares. Stephens boosted their price target on shares of SouthState from $101.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their target price on SouthState from $95.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, July 29th. Citigroup began coverage on SouthState in a report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 target price on the stock. Truist Financial reduced their target price on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a report on Monday, October 28th. Finally, DA Davidson boosted their target price on SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $104.00.

SouthState Trading Down 0.1 %

Shares of SSB traded down $0.11 during trading hours on Friday, reaching $97.42. The stock had a trading volume of 445,528 shares, compared to its average volume of 458,881. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.12. SouthState Co. has a 52 week low of $67.69 and a 52 week high of $103.82. The firm has a 50-day moving average of $96.91 and a 200 day moving average of $87.00. The company has a market cap of $7.43 billion, a P/E ratio of 15.03 and a beta of 0.66.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 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 during the quarter, compared to analysts' expectations of $429.47 million. During the same quarter in the prior year, the company earned $1.62 EPS. The firm's quarterly revenue was down .4% on a year-over-year basis. On average, sell-side analysts expect that SouthState Co. will post 6.85 earnings per share for the current fiscal year.

SouthState Announces Dividend

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

Insider Transactions at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO William E. V. Matthews sold 5,000 shares of the firm's stock in a transaction dated 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 directly owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm's stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company's stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company's stock.

About SouthState

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.