Amalgamated Bank Trims Holdings in SouthState Co. (NASDAQ:SSB)

Amalgamated Bank cut its position in shares of SouthState Co. (NASDAQ:SSB) by 7.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 37,009 shares of the bank’s stock after selling 2,819 shares during the quarter. Amalgamated Bank’s holdings in SouthState were worth $2,828,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Edgestream Partners L.P. acquired a new stake in SouthState during the second quarter worth approximately $1,433,000. Renaissance Technologies LLC purchased a new stake in shares of SouthState in the second quarter valued at $4,829,000. Dimensional Fund Advisors LP increased its stake in SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after purchasing an additional 371,987 shares during the last quarter. Brown Brothers Harriman & Co. lifted its position in SouthState by 3.7% during the second quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock worth $742,000 after buying an additional 344 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in SouthState by 4.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 156,729 shares of the bank’s stock worth $11,977,000 after buying an additional 7,073 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on SSB shares. Truist Financial upped their price objective on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods increased their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Stephens boosted their price objective on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. DA Davidson increased their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Hovde Group upped their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, SouthState presently has an average rating of “Hold” and an average target price of $103.00.

SouthState Stock Down 0.0 %

Shares of SouthState stock opened at $98.77 on Tuesday. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $102.82. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 16.11 and a beta of 0.67. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average price of $93.68 and a 200 day moving average price of $83.74.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The business had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.63 earnings per share. Equities research analysts forecast that SouthState Co. will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.19%. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is currently 35.24%.

Insider Activity at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The disclosure for this sale can be found here. 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.