Amalgamated Bank Has $3.71 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Amalgamated Bank cut its position in SouthState Co. (NASDAQ:SSB) by 0.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 43,926 shares of the bank’s stock after selling 400 shares during the quarter. Amalgamated Bank’s holdings in SouthState were worth $3,710,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Covestor Ltd lifted its position in SouthState by 50.5% during the 3rd quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after buying an additional 214 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after purchasing an additional 1,252 shares during the last quarter. Nisa Investment Advisors LLC raised its position in SouthState by 10.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after purchasing an additional 205 shares during the last quarter. Abacus Planning Group Inc. acquired a new position in SouthState during the 4th quarter worth $203,000. Finally, Builder Investment Group Inc. ADV bought a new position in SouthState in the 4th quarter valued at $205,000. 89.76% of the stock is owned by institutional investors.

SouthState Stock Performance

Shares of SSB stock opened at $80.63 on Friday. The stock has a 50-day moving average of $80.59 and a 200-day moving average of $79.56. SouthState Co. has a one year low of $59.84 and a one year high of $87.77. The stock has a market cap of $6.15 billion, a PE ratio of 13.15 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89.

SouthState (NASDAQ:SSB) last issued its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The firm had revenue of $415.49 million during the quarter, compared to the consensus estimate of $414.32 million. During the same quarter in the prior year, the firm earned $1.93 earnings per share. The business’s quarterly revenue was down 8.2% on a year-over-year basis. As a group, sell-side analysts expect that SouthState Co. will post 6.37 earnings per share for the current year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 2.58%. SouthState’s dividend payout ratio is presently 33.93%.

Insiders Place Their Bets

In other news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction dated Wednesday, March 20th. The stock was 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 in the company, valued at approximately $2,902,068. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction dated 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 owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares in the company, valued at $4,826,530.80. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Truist Financial dropped their target price on SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a research report on Monday, April 29th. Piper Sandler cut their target price on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. UBS Group lifted 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. Finally, DA Davidson restated a “buy” rating and issued a $102.00 price objective (up from $96.00) on shares of SouthState in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SouthState has a consensus rating of “Hold” and an average target price of $88.17.

About SouthState

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.