Victory Capital Management Inc. Decreases Stake in SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. decreased its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 14.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,388,037 shares of the bank's stock after selling 414,336 shares during the period. Victory Capital Management Inc. owned about 3.13% of SouthState worth $232,069,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of SSB. Waldron Private Wealth LLC acquired a new stake in SouthState in the third quarter valued at approximately $35,000. UMB Bank n.a. boosted its holdings in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after acquiring an additional 192 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock valued at $47,000 after acquiring an additional 333 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState during the second quarter valued at about $97,000. Finally, International Assets Investment Management LLC boosted its stake in shares of SouthState by 9,620.0% during the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock valued at $142,000 after purchasing an additional 1,443 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Trading Down 2.4 %

SSB traded down $2.69 during trading on Tuesday, hitting $108.29. The company's stock had a trading volume of 517,560 shares, compared to its average volume of 486,196. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a twelve month low of $67.72 and a twelve month high of $113.14. The stock's fifty day moving average price is $98.23 and its 200-day moving average price is $88.41. The firm has a market capitalization of $8.26 billion, a P/E ratio of 16.71 and a beta of 0.66.

SouthState (NASDAQ:SSB - Get Free Report) last issued its 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. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period in the prior year, the firm earned $1.62 earnings per share. SouthState's revenue for the quarter was down .4% on a year-over-year basis. Analysts anticipate that SouthState Co. will post 6.92 EPS for the current year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be issued 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 dividend yield of 1.99%. SouthState's dividend payout ratio is presently 33.33%.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was 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 of the company's stock, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 sale, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The shares were 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 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. 1.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SSB has been the topic of several recent research reports. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target on the stock. Stephens lifted their target price on SouthState from $101.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. Hovde Group lifted their target price on SouthState from $97.00 to $112.00 and gave the stock an "outperform" rating in a report on Monday, July 29th. Finally, Piper Sandler lifted 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. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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.