Trust Point Inc. Purchases 827 Shares of SouthState Co. (NASDAQ:SSB)

Trust Point Inc. raised its holdings in shares of SouthState Co. (NASDAQ:SSB) by 6.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,936 shares of the bank’s stock after acquiring an additional 827 shares during the quarter. Trust Point Inc.’s holdings in SouthState were worth $1,354,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SSB. Fidelis Capital Partners LLC purchased a new stake in shares of SouthState during the 1st quarter worth approximately $30,000. UMB Bank n.a. lifted its stake in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of 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 purchasing an additional 333 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState during the 2nd quarter valued at approximately $97,000. Finally, Innealta Capital LLC purchased a new stake in SouthState during the 2nd quarter valued at $133,000. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’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 transaction of $500,000.00. Following the completion of the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’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 transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’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 transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

SouthState Stock Performance

Shares of SouthState stock traded down $0.86 on Friday, reaching $102.12. 43,450 shares of the stock were exchanged, compared to its average volume of 476,048. The business has a 50 day moving average price of $95.27 and a two-hundred day moving average price of $85.60. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of 16.80 and a beta of 0.67. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $103.82. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. During the same quarter last year, the business posted $1.63 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Analysts anticipate that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a $0.54 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.12%. SouthState’s dividend payout ratio is presently 35.24%.

Wall Street Analysts Forecast Growth

SSB has been the topic of several recent analyst reports. Stephens increased their target price on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Truist Financial upped their target price on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Keefe, Bruyette & Woods raised their target price on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Citigroup began coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective on the stock. Finally, DA Davidson upped their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $102.89.

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