Amalgamated Bank Cuts Holdings in SouthState Co. (NASDAQ:SSB)

Amalgamated Bank lessened its position in shares of SouthState Co. (NASDAQ:SSB) by 0.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,926 shares of the bank’s stock after selling 400 shares during the period. Amalgamated Bank owned approximately 0.06% of SouthState worth $3,710,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new stake in shares of SouthState in the third quarter valued at about $6,378,000. Great Lakes Advisors LLC purchased a new stake in shares of SouthState during the third quarter valued at approximately $5,685,000. Envestnet Asset Management Inc. lifted its position in shares of SouthState by 112.5% during the third quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank’s stock worth $9,689,000 after purchasing an additional 76,153 shares in the last quarter. Comerica Bank boosted its stake in shares of SouthState by 314.3% in the third quarter. Comerica Bank now owns 89,474 shares of the bank’s stock valued at $6,027,000 after purchasing an additional 67,878 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in SouthState by 4.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock valued at $79,974,000 after purchasing an additional 49,472 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at SouthState

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares in the company, valued at approximately $2,902,068. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the transaction, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the completion of the transaction, the insider now directly owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Performance

SSB stock opened at $80.63 on Friday. The firm has a market cap of $6.15 billion, a P/E ratio of 13.15 and a beta of 0.75. The stock’s 50 day simple moving average is $80.59 and its 200 day simple moving average is $79.56. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12-month low of $59.84 and a 12-month high of $87.77.

SouthState (NASDAQ:SSB) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. During the same period last year, the firm posted $1.93 EPS. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. As a group, equities research analysts predict that SouthState Co. will post 6.37 EPS for the current year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is presently 33.93%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SSB shares. Piper Sandler decreased their price objective on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. DA Davidson restated a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group upped their target price on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Finally, Truist Financial decreased their price target on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, April 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $88.17.

About SouthState

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.