Fmr LLC Sells 4,311 Shares of SouthState Co. (NASDAQ:SSB)

Fmr LLC decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,297 shares of the bank’s stock after selling 4,311 shares during the period. Fmr LLC owned approximately 0.16% of SouthState worth $11,982,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its holdings in shares of SouthState by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after purchasing an additional 371,987 shares in the last quarter. F M Investments LLC bought a new stake in SouthState in the second quarter worth approximately $7,303,000. Stieven Capital Advisors L.P. bought a new stake in SouthState in the third quarter worth approximately $9,086,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after acquiring an additional 72,181 shares in the last quarter. Finally, Prospector Partners LLC increased its holdings in shares of SouthState by 52.8% during the third quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock valued at $18,003,000 after acquiring an additional 64,013 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 11.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

SouthState Price Performance

Shares of NASDAQ SSB opened at $109.77 on Thursday. The firm has a market capitalization of $8.37 billion, a P/E ratio of 16.94 and a beta of 0.69. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $103.66 and its two-hundred day simple moving average is $92.69. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The business had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.62 EPS. As a group, equities analysts anticipate that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s payout ratio is currently 33.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial cut their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Piper Sandler boosted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Citigroup started coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. Finally, Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a research note on Monday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, SouthState has an average rating of “Moderate Buy” and an average price target of $105.11.

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.