Wedge Capital Management L L P NC Sells 5,752 Shares of SouthState Co. (NASDAQ:SSB)

Wedge Capital Management L L P NC decreased its position in SouthState Co. (NASDAQ:SSB - Free Report) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,550 shares of the bank's stock after selling 5,752 shares during the quarter. Wedge Capital Management L L P NC owned 0.08% of SouthState worth $6,123,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Waldron Private Wealth LLC bought a new stake in SouthState in the 3rd quarter valued at approximately $35,000. UMB Bank n.a. increased 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 worth $53,000 after acquiring an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState in the second quarter valued at approximately $97,000. International Assets Investment Management LLC grew its position in SouthState by 9,620.0% during the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock worth $142,000 after buying an additional 1,443 shares in the last quarter. Finally, William B. Walkup & Associates Inc. bought a new position in shares of SouthState in the second quarter worth $151,000. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SSB shares. Truist Financial cut their price objective on shares of SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research report on Monday, October 28th. Hovde Group lowered shares of SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. UBS Group initiated coverage on SouthState in a research note on Tuesday, December 17th. They set a "buy" rating and a $132.00 target price for the company. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Stephens restated an "overweight" rating and set a $130.00 price objective on shares of SouthState in a research report on Thursday, January 2nd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $112.56.

SouthState Trading Up 1.2 %

Shares of SSB stock traded up $1.17 during mid-day trading on Friday, reaching $99.80. 535,536 shares of the stock traded hands, compared to its average volume of 820,348. The company has a market cap of $7.61 billion, a price-to-earnings ratio of 15.40 and a beta of 0.70. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock's fifty day simple moving average is $104.04 and its two-hundred day simple moving average is $97.66. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26.

SouthState (NASDAQ:SSB - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm's revenue was down .4% compared to the same quarter last year. During the same period last year, the company earned $1.62 EPS. On average, research analysts anticipate that SouthState Co. will post 6.99 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.16%. SouthState's payout ratio 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.