Natixis Advisors L.P. Sells 44,589 Shares of SouthState Co. (NASDAQ:SSB)

Natixis Advisors L.P. decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 39.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,345 shares of the bank’s stock after selling 44,589 shares during the period. Natixis Advisors L.P. owned approximately 0.09% of SouthState worth $4,870,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SSB. Rockefeller Capital Management L.P. increased its position in SouthState by 37.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after buying an additional 161 shares during the period. Ensign Peak Advisors Inc bought a new position in SouthState during the 1st quarter worth $54,000. Allworth Financial LP increased its position in SouthState by 23.7% during the 1st quarter. Allworth Financial LP now owns 912 shares of the bank’s stock worth $65,000 after buying an additional 175 shares during the period. Spire Wealth Management increased its position in shares of SouthState by 47.8% in the first quarter. Spire Wealth Management now owns 1,052 shares of the bank’s stock worth $75,000 after purchasing an additional 340 shares during the period. Finally, Lazard Asset Management LLC bought a new position in shares of SouthState in the first quarter worth $76,000. Institutional investors own 88.47% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $71.65 on Thursday. SouthState Co. has a 12-month low of $59.51 and a 12-month high of $91.74. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.12. The business’s 50-day moving average price is $72.18 and its two-hundred day moving average price is $71.26. The stock has a market cap of $5.45 billion, a PE ratio of 10.12 and a beta of 0.82.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, July 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.20). SouthState had a net margin of 26.78% and a return on equity of 10.92%. The business had revenue of $555.27 million during the quarter, compared to the consensus estimate of $433.04 million. During the same quarter in the prior year, the firm earned $1.62 EPS. The business’s revenue was up 34.4% on a year-over-year basis. As a group, analysts expect that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Friday, August 11th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Thursday, August 10th. This is a boost from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is currently 29.38%.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on SouthState in a research report on Thursday, August 17th. They issued a “sell” rating on the stock. Truist Financial raised their price target on SouthState from $74.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.20.

Insider Buying and Selling at SouthState

In other news, insider Greg A. Lapointe sold 4,000 shares of SouthState stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $79.19, for a total transaction of $316,760.00. Following the sale, the insider now directly owns 23,676 shares of the company’s stock, valued at $1,874,902.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Greg A. Lapointe sold 4,000 shares of SouthState stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $79.19, for a total transaction of $316,760.00. Following the sale, the insider now directly owns 23,676 shares of the company’s stock, valued at $1,874,902.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John C. Pollok sold 7,744 shares of SouthState stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $67.24, for a total value of $520,706.56. Following the sale, the director now directly owns 729 shares in the company, valued at $49,017.96. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

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.