Greenwood Capital Associates LLC Lowers Position in SouthState Co. (NASDAQ:SSB)

Greenwood Capital Associates LLC lessened its holdings in shares of SouthState Co. (NASDAQ:SSB) by 15.6% in the third quarter, HoldingsChannel.com reports. The fund owned 2,938 shares of the bank’s stock after selling 541 shares during the period. Greenwood Capital Associates LLC’s holdings in SouthState were worth $286,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sequoia Financial Advisors LLC purchased a new stake in shares of SouthState in the 1st quarter valued at $266,000. BNP Paribas Financial Markets grew its stake in shares of SouthState by 82.5% during the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after buying an additional 19,138 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of SouthState by 107.4% in the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock worth $1,616,000 after buying an additional 9,843 shares during the period. Fidelis Capital Partners LLC bought a new stake in shares of SouthState in the 1st quarter valued at about $30,000. Finally, Central Pacific Bank Trust Division purchased a new stake in SouthState during the 1st quarter valued at about $183,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of several recent research reports. Stephens boosted their price objective on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Hovde Group increased their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Piper Sandler upped their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Truist Financial cut their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $104.00.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

SouthState Stock Performance

Shares of SSB opened at $97.68 on Wednesday. The company has a 50-day simple moving average of $96.96 and a two-hundred day simple moving average of $87.35. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $7.45 billion, a PE ratio of 15.07 and a beta of 0.66. SouthState Co. has a one year low of $67.72 and a one year high of $103.82.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 EPS. On average, analysts anticipate that SouthState Co. will post 6.85 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be paid a $0.54 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.16 annualized dividend and a dividend yield of 2.21%. SouthState’s payout ratio is 33.33%.

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.