SouthState Co. (NASDAQ:SSB) Shares Sold by Raymond James & Associates

Raymond James & Associates cut its holdings in SouthState Co. (NASDAQ:SSB) by 14.3% during the fourth quarter, HoldingsChannel reports. The firm owned 19,677 shares of the bank’s stock after selling 3,284 shares during the period. Raymond James & Associates’ holdings in SouthState were worth $1,662,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Lbmc Investment Advisors LLC acquired a new position in shares of SouthState during the fourth quarter worth about $836,000. Moody National Bank Trust Division increased its stake in shares of SouthState by 22.8% during the fourth quarter. Moody National Bank Trust Division now owns 9,845 shares of the bank’s stock worth $831,000 after acquiring an additional 1,828 shares during the period. Ziegler Capital Management LLC acquired a new position in shares of SouthState during the fourth quarter worth about $2,247,000. Red Spruce Capital LLC increased its stake in shares of SouthState by 0.6% during the fourth quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock worth $2,488,000 after acquiring an additional 179 shares during the period. Finally, Anchor Investment Management LLC acquired a new position in SouthState during the fourth quarter worth about $1,533,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Up 0.7 %

Shares of NASDAQ SSB opened at $76.61 on Friday. SouthState Co. has a 12-month low of $59.51 and a 12-month high of $87.77. The company has a market capitalization of $5.84 billion, a PE ratio of 11.86 and a beta of 0.74. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The firm’s 50-day moving average is $81.86 and its two-hundred day moving average is $78.36.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.13. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The company had revenue of $419.72 million for the quarter, compared to the consensus estimate of $419.08 million. Equities analysts anticipate that SouthState Co. will post 6.63 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Thursday, February 8th. SouthState’s dividend payout ratio (DPR) is presently 32.20%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SSB shares. UBS Group upped their target price on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. DA Davidson restated a “buy” rating and set a $102.00 target price (up from $96.00) on shares of SouthState in a research report on Monday, January 29th. Finally, Truist Financial lowered their target price on shares of SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, SouthState has a consensus rating of “Hold” and a consensus price target of $87.80.

Insider Activity at SouthState

In related news, COO Renee R. Brooks sold 4,025 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the transaction, the chief operating officer now owns 31,747 shares of the company’s stock, valued at $2,718,178.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Renee R. Brooks sold 4,025 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $85.62, for a total transaction of $344,620.50. Following the transaction, the chief operating officer now directly owns 31,747 shares in the company, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,925 shares of company stock valued at $988,686. Company insiders own 1.26% of the company’s stock.

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.