SouthState Co. (NASDAQ:SSB) Stock Position Trimmed by Cwm LLC

Cwm LLC cut its position in SouthState Co. (NASDAQ:SSB) by 6.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,547 shares of the bank’s stock after selling 1,150 shares during the quarter. Cwm LLC’s holdings in SouthState were worth $1,313,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its position in SouthState by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock valued at $194,309,000 after purchasing an additional 35,291 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in SouthState by 4.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock valued at $79,974,000 after purchasing an additional 49,472 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in SouthState by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 979,859 shares of the bank’s stock valued at $66,003,000 after purchasing an additional 14,153 shares during the last quarter. New York State Common Retirement Fund lifted its position in SouthState by 0.9% in the 3rd quarter. New York State Common Retirement Fund now owns 328,123 shares of the bank’s stock valued at $22,102,000 after purchasing an additional 2,920 shares during the last quarter. Finally, Sei Investments Co. lifted its position in SouthState by 5.4% in the 3rd quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock valued at $19,277,000 after purchasing an additional 14,688 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insider Transactions at SouthState

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

Analyst Upgrades and Downgrades

A number of analysts have commented on SSB shares. UBS Group boosted their price target 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 downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. Truist Financial dropped their price target 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. Finally, DA Davidson restated a “buy” rating and set a $102.00 price target (up from $96.00) on shares of SouthState in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $87.80.

SouthState Stock Performance

Shares of SSB opened at $77.89 on Friday. The firm’s 50 day moving average is $81.55 and its 200-day moving average is $78.81. The stock has a market capitalization of $5.94 billion, a P/E ratio of 12.06 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. SouthState Co. has a 12-month low of $59.51 and a 12-month high of $87.77.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.03. The company had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 22.15% and a return on equity of 9.85%. The business’s revenue was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 EPS. Equities research analysts anticipate that SouthState Co. will post 6.51 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.67%. SouthState’s dividend payout ratio is currently 32.20%.

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.