SouthState Co. (NASDAQ:SSB) Insider Greg A. Lapointe Sells 2,600 Shares of Stock

SouthState Co. (NASDAQ:SSB) insider Greg A. Lapointe sold 2,600 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $75.82, for a total value of $197,132.00. Following the sale, the insider now directly owns 21,076 shares of the company’s stock, valued at $1,597,982.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

SouthState Price Performance

SouthState stock opened at $74.95 on Friday. SouthState Co. has a 12 month low of $59.51 and a 12 month high of $88.29. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05. The business’s 50 day simple moving average is $68.45 and its 200 day simple moving average is $69.30. The company has a market cap of $5.70 billion, a price-to-earnings ratio of 10.78 and a beta of 0.79.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Friday, October 27th. The bank reported $1.62 EPS for the quarter, missing the consensus estimate of $1.63 by ($0.01). SouthState had a net margin of 24.84% and a return on equity of 10.38%. The firm had revenue of $573.36 million during the quarter, compared to analysts’ expectations of $429.70 million. During the same quarter in the previous year, the company posted $1.89 EPS. Sell-side analysts forecast that SouthState Co. will post 6.71 EPS for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Friday, November 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $2.08 annualized dividend and a yield of 2.78%. SouthState’s payout ratio is 29.93%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SSB shares. StockNews.com started coverage on SouthState in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Truist Financial downgraded SouthState from a “buy” rating to a “hold” rating and cut their target price for the stock from $86.00 to $73.00 in a research note on Wednesday, September 27th. Finally, Raymond James cut their target price on SouthState from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, October 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, SouthState currently has an average rating of “Hold” and a consensus target price of $80.50.

Hedge Funds Weigh In On SouthState

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of SouthState by 2.7% during the second quarter. BlackRock Inc. now owns 9,170,726 shares of the bank’s stock worth $603,434,000 after acquiring an additional 243,709 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of SouthState by 3.7% in the third quarter. Vanguard Group Inc. now owns 8,205,703 shares of the bank’s stock worth $649,235,000 after purchasing an additional 290,494 shares during the period. Capital Research Global Investors increased its holdings in shares of SouthState by 30.9% in 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. State Street Corp increased its holdings in shares of SouthState by 8.8% in the second quarter. State Street Corp now owns 3,703,130 shares of the bank’s stock worth $243,666,000 after purchasing an additional 300,359 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of SouthState by 1.2% in the third quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock worth $194,309,000 after purchasing an additional 35,291 shares during the period. Hedge funds and other institutional investors own 88.47% of the company’s stock.

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.