4,584 Shares in SouthState Co. (NASDAQ:SSB) Purchased by XTX Topco Ltd

XTX Topco Ltd bought a new position in shares of SouthState Co. (NASDAQ:SSB) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,584 shares of the bank’s stock, valued at approximately $445,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC increased its position in SouthState by 234.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock worth $2,003,000 after buying an additional 18,374 shares during the last quarter. Blue Trust Inc. increased its position in SouthState by 286.8% during the second quarter. Blue Trust Inc. now owns 4,526 shares of the bank’s stock worth $346,000 after buying an additional 3,356 shares during the last quarter. Raymond James & Associates increased its position in SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after buying an additional 126 shares during the last quarter. Ceredex Value Advisors LLC increased its position in SouthState by 13.8% during the second quarter. Ceredex Value Advisors LLC now owns 181,615 shares of the bank’s stock worth $13,879,000 after buying an additional 22,000 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in SouthState by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock worth $87,464,000 after buying an additional 21,160 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 6.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on SSB shares. Citigroup started coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler upped their target price on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Stephens raised SouthState from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $105.11.

SouthState Trading Up 0.8 %

Shares of NASDAQ:SSB opened at $108.71 on Friday. The company has a market capitalization of $8.29 billion, a P/E ratio of 16.78 and a beta of 0.69. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The business’s 50 day simple moving average is $104.17 and its 200 day simple moving average is $93.12.

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

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.99%. The ex-dividend date was Friday, November 8th. SouthState’s payout ratio is presently 33.33%.

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.