SouthState Co. (NASDAQ:SSB) Shares Sold by US Bancorp DE

US Bancorp DE reduced its position in SouthState Co. (NASDAQ:SSBGet Rating) by 12.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,317 shares of the bank’s stock after selling 1,534 shares during the quarter. US Bancorp DE’s holdings in SouthState were worth $817,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SSB. Polaris Capital Management LLC boosted its holdings in shares of SouthState by 22,183.6% in the second quarter. Polaris Capital Management LLC now owns 3,289,278 shares of the bank’s stock valued at $268,866,000 after acquiring an additional 3,274,517 shares during the period. Vanguard Group Inc. lifted its holdings in shares of SouthState by 16.4% during the first quarter. Vanguard Group Inc. now owns 7,914,710 shares of the bank’s stock worth $645,762,000 after purchasing an additional 1,114,653 shares during the period. Capital Research Global Investors lifted its holdings in shares of SouthState by 30.9% during the first quarter. Capital Research Global Investors now owns 4,051,286 shares of the bank’s stock worth $330,544,000 after purchasing an additional 955,920 shares during the period. Millennium Management LLC acquired a new stake in shares of SouthState during the second quarter worth $26,665,000. Finally, Bank of America Corp DE lifted its holdings in shares of SouthState by 79.0% during the first quarter. Bank of America Corp DE now owns 778,183 shares of the bank’s stock worth $63,492,000 after purchasing an additional 343,532 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

SouthState Trading Down 1.3 %

Shares of SSB stock opened at $75.29 on Friday. SouthState Co. has a fifty-two week low of $72.25 and a fifty-two week high of $91.74. The stock has a market cap of $5.70 billion, a P/E ratio of 12.09 and a beta of 0.81. The business has a fifty day simple moving average of $80.88 and a 200-day simple moving average of $81.84. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.04.

SouthState (NASDAQ:SSBGet Rating) last announced its quarterly earnings results on Monday, October 24th. The bank reported $1.89 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.89. SouthState had a return on equity of 10.05% and a net margin of 29.04%. The business had revenue of $435.39 million during the quarter, compared to analysts’ expectations of $425.77 million. During the same quarter last year, the business posted $1.94 earnings per share. On average, analysts forecast that SouthState Co. will post 7.21 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Friday, November 11th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Wednesday, November 9th. SouthState’s payout ratio is currently 32.10%.

Insider Activity at SouthState

In related news, Chairman Robert R. Hill, Jr. sold 11,365 shares of the stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $88.31, for a total transaction of $1,003,643.15. Following the sale, the chairman now owns 77,393 shares of the company’s stock, valued at $6,834,575.83. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other SouthState news, Director G Ruffner Page, Jr. purchased 6,300 shares of the firm’s stock in a transaction on Tuesday, December 13th. The shares were purchased at an average cost of $78.94 per share, with a total value of $497,322.00. Following the purchase, the director now owns 58,935 shares in the company, valued at $4,652,328.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Robert R. Hill, Jr. sold 11,365 shares of the firm’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $88.31, for a total value of $1,003,643.15. Following the completion of the sale, the chairman now directly owns 77,393 shares in the company, valued at $6,834,575.83. The disclosure for this sale can be found here. Insiders have sold a total of 23,249 shares of company stock valued at $2,071,200 over the last quarter. Insiders own 1.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SSB shares. Piper Sandler raised SouthState from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $96.00 in a report on Wednesday, September 28th. Truist Financial cut their price objective on SouthState from $103.00 to $96.00 in a research report on Friday, December 9th. StockNews.com initiated coverage on SouthState in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Raymond James increased their price objective on SouthState from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 26th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.25.

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.

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Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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