SouthState Co. (NASDAQ:SSB) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 9.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,307 shares of the bank's stock after selling 25,446 shares during the quarter. New York State Common Retirement Fund owned about 0.31% of SouthState worth $22,770,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Fidelis Capital Partners LLC acquired a new position in SouthState during the first quarter worth about $30,000. Waldron Private Wealth LLC acquired a new position in SouthState during the third quarter worth $35,000. UMB Bank n.a. boosted its position in SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after purchasing an additional 192 shares in the last quarter. GAMMA Investing LLC grew its holdings in SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock valued at $47,000 after purchasing an additional 333 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState in the second quarter valued at $97,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SSB has been the subject of a number of analyst reports. Stephens boosted their price target on SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. Truist Financial reduced their target price on shares of SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a report on Monday, October 28th. Hovde Group lifted their price target on shares of SouthState from $97.00 to $112.00 and gave the stock an "outperform" rating in a report on Monday, July 29th. Piper Sandler upped their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Finally, Citigroup assumed coverage on shares of SouthState in a research note on Thursday, October 10th. They issued a "neutral" rating and a $102.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $104.00.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the business'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 owns 36,964 shares of the company's stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company's stock, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the business'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 sale, the chief financial officer now owns 36,964 shares of the company's stock, valued at approximately $3,696,400. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.

SouthState Stock Up 2.2 %

NASDAQ:SSB traded up $2.08 during mid-day trading on Tuesday, hitting $97.73. The company had a trading volume of 439,446 shares, compared to its average volume of 477,588. The business has a fifty day simple moving average of $96.91 and a 200-day simple moving average of $87.21. The firm has a market capitalization of $7.45 billion, a price-to-earnings ratio of 14.04 and a beta of 0.66. SouthState Co. has a 1 year low of $67.72 and a 1 year high of $103.82. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12.

SouthState (NASDAQ:SSB - Get Free Report) last posted 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. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business's quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. Equities analysts forecast that SouthState Co. will post 6.85 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently announced 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. This represents a $2.16 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, November 8th. SouthState's dividend payout ratio (DPR) is currently 33.33%.

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.