SouthState Corp Lowers Stock Holdings in SouthState Co. (NASDAQ:SSB)

SouthState Corp cut its position in SouthState Co. (NASDAQ:SSB - Free Report) by 21.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,865 shares of the bank's stock after selling 11,556 shares during the quarter. SouthState Corp owned 0.06% of SouthState worth $4,166,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in SSB. Nicholas Hoffman & Company LLC. boosted its position in shares of SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank's stock valued at $1,472,000 after purchasing an additional 123 shares in the last quarter. Raymond James & Associates boosted its position in shares of SouthState by 0.6% during the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank's stock valued at $1,631,000 after purchasing an additional 126 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of SouthState by 7.0% in the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank's stock worth $274,000 after buying an additional 186 shares during the period. UMB Bank n.a. boosted its holdings in shares of SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after buying an additional 192 shares during the period. Finally, KBC Group NV lifted its position in shares of SouthState by 16.3% in the third quarter. KBC Group NV now owns 2,296 shares of the bank's stock worth $223,000 after purchasing an additional 321 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Performance

SSB traded down $0.49 during trading hours on Tuesday, reaching $105.09. The company's stock had a trading volume of 318,824 shares, compared to its average volume of 486,445. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The company's 50-day moving average is $98.93 and its 200-day moving average is $89.04. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $113.14. The firm has a market cap of $8.02 billion, a PE ratio of 16.19 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 earnings per share (EPS) for the quarter, topping 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 company had revenue of $426.41 million for the quarter, compared to analysts' expectations of $429.47 million. During the same quarter in the prior year, the firm earned $1.62 EPS. The business's revenue was down .4% on a year-over-year basis. On average, equities analysts forecast that SouthState Co. will post 6.92 EPS for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.06%. SouthState's dividend payout ratio (DPR) is 33.33%.

Insider Buying and Selling at SouthState

In other SouthState news, 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 sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This represents a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SSB. Piper Sandler lifted their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Citigroup assumed coverage on SouthState in a report on Thursday, October 10th. They issued a "neutral" rating and a $102.00 price target for the company. Stephens lifted their price target on SouthState from $101.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. Truist Financial dropped their price objective on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a report on Monday, October 28th. Finally, Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SouthState presently has a consensus rating of "Hold" and an average target price of $105.11.

SouthState Company 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.