SG Americas Securities LLC Has $578,000 Stock Holdings in SouthState Co. (NASDAQ:SSB)

SG Americas Securities LLC trimmed its holdings in shares of SouthState Co. (NASDAQ:SSBGet Rating) by 40.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,090 shares of the bank’s stock after selling 4,791 shares during the period. SG Americas Securities LLC’s holdings in SouthState were worth $578,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SSB. River Oaks Capital LLC acquired a new stake in SouthState in the 4th quarter valued at about $2,572,000. American Century Companies Inc. lifted its stake in SouthState by 38.0% in the 4th quarter. American Century Companies Inc. now owns 1,649,147 shares of the bank’s stock valued at $132,113,000 after purchasing an additional 453,745 shares during the last quarter. Schroder Investment Management Group lifted its stake in SouthState by 22.8% in the 4th quarter. Schroder Investment Management Group now owns 1,022,829 shares of the bank’s stock valued at $81,939,000 after purchasing an additional 190,105 shares during the last quarter. Select Equity Group L.P. lifted its stake in SouthState by 4.4% in the 4th quarter. Select Equity Group L.P. now owns 3,430,784 shares of the bank’s stock valued at $274,840,000 after purchasing an additional 143,594 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in SouthState by 104.3% in the 4th quarter. JPMorgan Chase & Co. now owns 169,396 shares of the bank’s stock valued at $13,570,000 after purchasing an additional 86,470 shares during the last quarter. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SSB has been the subject of several research reports. StockNews.com upgraded shares of SouthState from a “sell” rating to a “hold” rating in a research report on Monday. Truist Financial raised their price objective on shares of SouthState from $90.00 to $97.00 and gave the stock a “buy” rating in a research report on Monday. Keefe, Bruyette & Woods upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $94.00 to $100.00 in a research report on Thursday, June 2nd. DA Davidson cut their price objective on shares of SouthState to $91.00 and set a “na” rating for the company in a research report on Monday, May 16th. Finally, Raymond James restated a “maintains” rating on shares of SouthState in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Insider Activity at SouthState

In related news, Director Robert R. Horger sold 1,150 shares of SouthState stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $83.00, for a total value of $95,450.00. Following the transaction, the director now directly owns 33,464 shares of the company’s stock, valued at $2,777,512. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SouthState news, insider Greg A. Lapointe sold 304 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $82.99, for a total transaction of $25,228.96. Following the sale, the insider now owns 24,680 shares of the company’s stock, valued at $2,048,193.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert R. Horger sold 1,150 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $83.00, for a total transaction of $95,450.00. Following the sale, the director now directly owns 33,464 shares in the company, valued at approximately $2,777,512. The disclosure for this sale can be found here. Insiders have sold 20,120 shares of company stock valued at $1,708,409 over the last three months. 1.88% of the stock is owned by insiders.

SouthState Stock Up 1.3 %

Shares of SSB opened at $82.60 on Thursday. SouthState Co. has a 12 month low of $62.60 and a 12 month high of $93.34. The firm’s 50 day moving average is $78.53 and its 200-day moving average is $81.10. The stock has a market capitalization of $6.23 billion, a PE ratio of 13.28 and a beta of 0.81. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07.

SouthState (NASDAQ:SSBGet Rating) last announced its earnings results on Thursday, July 28th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.53 by $0.09. The company had revenue of $383.29 million for the quarter, compared to analysts’ expectations of $390.97 million. SouthState had a net margin of 30.18% and a return on equity of 10.04%. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period last year, the firm earned $1.87 earnings per share. Equities research analysts forecast that SouthState Co. will post 6.93 EPS for the current year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Friday, August 12th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.42%. This is a boost from SouthState’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Thursday, August 11th. SouthState’s dividend payout ratio (DPR) is 31.51%.

SouthState Profile

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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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

Further Reading

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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