PNC Financial Services Group Inc. Sells 1,162 Shares of SouthState Co. (NASDAQ:SSB)

PNC Financial Services Group Inc. trimmed its holdings in shares of SouthState Co. (NASDAQ:SSBFree Report) by 11.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,257 shares of the bank’s stock after selling 1,162 shares during the period. PNC Financial Services Group Inc.’s holdings in SouthState were worth $782,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SSB. Arizona State Retirement System increased its stake in SouthState by 1.5% in the third quarter. Arizona State Retirement System now owns 21,617 shares of the bank’s stock valued at $1,456,000 after purchasing an additional 313 shares in the last quarter. New York State Common Retirement Fund lifted its stake in SouthState by 0.9% in the third quarter. New York State Common Retirement Fund now owns 328,123 shares of the bank’s stock valued at $22,102,000 after acquiring an additional 2,920 shares during the last quarter. Great Lakes Advisors LLC acquired a new stake in SouthState in the third quarter valued at $5,685,000. Keybank National Association OH lifted its stake in SouthState by 3.2% in the third quarter. Keybank National Association OH now owns 10,495 shares of the bank’s stock valued at $707,000 after acquiring an additional 323 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in shares of SouthState by 5.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 26,106 shares of the bank’s stock valued at $1,758,000 after purchasing an additional 1,404 shares during the period. 89.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Daniel E. Bockhorst sold 3,000 shares of the firm’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 value of $243,000.00. Following the sale, the insider now directly 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 at the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction 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 1.26% of the company’s stock.

SouthState Price Performance

NASDAQ:SSB opened at $76.60 on Friday. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of 12.48 and a beta of 0.75. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90. SouthState Co. has a 52 week low of $62.09 and a 52 week high of $87.77. The firm’s 50-day simple moving average is $79.69 and its 200 day simple moving average is $80.72.

SouthState (NASDAQ:SSBGet Free Report) last announced its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. The firm had revenue of $415.49 million for the quarter, compared to the consensus estimate of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.93 earnings per share. As a group, sell-side analysts predict that SouthState Co. will post 6.33 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.72%. SouthState’s payout ratio is 33.93%.

Wall Street Analysts Forecast Growth

SSB has been the topic of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday. Piper Sandler increased their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial lowered their price target on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday, April 29th. Finally, Raymond James raised shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research report on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, SouthState has a consensus rating of “Hold” and a consensus target price of $91.00.

Check Out Our Latest Stock Analysis on SouthState

About SouthState

(Free Report)

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.

See Also

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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