State Street Corp Sells 50,096 Shares of SouthState Co. (NASDAQ:SSB)

State Street Corp reduced its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 1.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,589,635 shares of the bank's stock after selling 50,096 shares during the period. State Street Corp owned approximately 4.71% of SouthState worth $348,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in SouthState by 234.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank's stock valued at $2,003,000 after buying an additional 18,374 shares in the last quarter. Fisher Asset Management LLC grew its stake in SouthState by 3.7% during the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank's stock valued at $69,178,000 after purchasing an additional 25,495 shares during the last quarter. BIP Wealth LLC grew its stake in SouthState by 605.2% during the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank's stock valued at $3,054,000 after purchasing an additional 26,966 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in SouthState by 14.4% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 123,482 shares of the bank's stock valued at $9,437,000 after purchasing an additional 15,500 shares during the last quarter. Finally, Mesirow Institutional Investment Management Inc. grew its stake in SouthState by 17.6% during the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 201,724 shares of the bank's stock valued at $15,416,000 after purchasing an additional 30,234 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the company's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company's stock, valued at $3,696,400. This represents a 11.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company's stock in a transaction on Wednesday, September 18th. The stock was 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 represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SSB has been the topic of several research analyst reports. Hovde Group downgraded SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Stephens upgraded SouthState from an "equal weight" rating to an "overweight" rating in a research note on Monday. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Truist Financial lowered their target price on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research note on Monday, October 28th. Finally, Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They issued a "neutral" rating and a $102.00 target price on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $105.11.

SouthState Price Performance

Shares of NASDAQ:SSB traded up $0.50 during trading on Tuesday, hitting $108.42. 317,559 shares of the stock were exchanged, compared to its average volume of 491,299. The company has a fifty day moving average price of $103.05 and a two-hundred day moving average price of $92.35. The company has a market cap of $8.27 billion, a PE ratio of 16.73 and a beta of 0.69. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analysts' expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business's revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.62 earnings per share. On average, analysts forecast that SouthState Co. will post 6.94 EPS for the current year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 1.99%. SouthState's dividend payout ratio (DPR) is 33.33%.

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.