SouthState Co. (NASDAQ:SSB) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance lowered its position in shares of SouthState Co. (NASDAQ:SSB) by 3.4% during the third quarter, Holdings Channel reports. The firm owned 27,769 shares of the bank’s stock after selling 976 shares during the quarter. Independent Advisor Alliance’s holdings in SouthState were worth $2,699,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in SouthState by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,792 shares of the bank’s stock valued at $4,234,000 after acquiring an additional 2,899 shares during the period. Hancock Whitney Corp acquired a new position in SouthState in the 1st quarter valued at about $564,000. Red Spruce Capital LLC increased its position in SouthState by 10.2% in the 2nd quarter. Red Spruce Capital LLC now owns 33,135 shares of the bank’s stock valued at $2,532,000 after acquiring an additional 3,065 shares during the period. GAMMA Investing LLC increased its position in SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares during the period. Finally, NBC Securities Inc. increased its position in SouthState by 1.6% in the 2nd quarter. NBC Securities Inc. now owns 96,194 shares of the bank’s stock valued at $7,351,000 after acquiring an additional 1,529 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related 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 stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 11.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

SouthState Price Performance

Shares of SSB opened at $112.25 on Tuesday. The stock’s 50 day moving average is $100.24 and its two-hundred day moving average is $89.98. The firm has a market capitalization of $8.56 billion, a PE ratio of 17.32 and a beta of 0.66. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.62 EPS. Research analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is 33.33%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler boosted their price target on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Truist Financial lowered their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Finally, Citigroup assumed coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, SouthState has a consensus rating of “Hold” and a consensus price target of $105.11.

SouthState 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, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.