SouthState Co. (NASDAQ:SSB) Shares Sold by Pitcairn Co.

Pitcairn Co. lessened its stake in SouthState Co. (NASDAQ:SSB) by 6.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,734 shares of the bank’s stock after selling 790 shares during the period. Pitcairn Co.’s holdings in SouthState were worth $1,043,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Waldron Private Wealth LLC purchased a new position in SouthState in the 3rd quarter valued at $35,000. GAMMA Investing LLC boosted its holdings in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares in the last quarter. UMB Bank n.a. increased its stake in shares of SouthState by 53.9% during the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in SouthState during the second quarter worth about $97,000. Finally, Innealta Capital LLC purchased a new position in SouthState during the second quarter worth about $133,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Trading Up 2.0 %

Shares of SouthState stock opened at $109.00 on Monday. The firm has a market cap of $8.32 billion, a PE ratio of 16.82 and a beta of 0.66. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $113.14. The business’s fifty day moving average is $100.24 and its two-hundred day moving average is $89.98.

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

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Friday, November 8th. SouthState’s payout ratio is currently 33.33%.

Analyst Ratings Changes

SSB has been the topic of several recent analyst reports. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens increased their price target on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Truist Financial lowered their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Citigroup began coverage on SouthState in a research note on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective for the company. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $105.11.

Insider Buying and Selling at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 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 owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.

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.