SouthState Co. (NASDAQ:SSB) Shares Sold by Cwm LLC

Cwm LLC cut its stake in SouthState Co. (NASDAQ:SSB) by 2.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,694 shares of the bank’s stock after selling 324 shares during the period. Cwm LLC’s holdings in SouthState were worth $1,234,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SSB. Vanguard Group Inc. grew its position in shares of SouthState by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after acquiring an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in SouthState by 12.6% in the second 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 during the period. Victory Capital Management Inc. boosted its holdings in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after purchasing an additional 45,176 shares during the period. American Century Companies Inc. increased its stake in SouthState by 2.4% during the second quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after purchasing an additional 39,492 shares during the last quarter. Finally, Earnest Partners LLC raised its holdings in shares of SouthState by 2.8% during the second quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock worth $114,197,000 after purchasing an additional 40,879 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SSB has been the subject of several research reports. Stephens lifted their price target on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Truist Financial upped their target price on SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their price objective on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Citigroup began coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $102.89.

SouthState Trading Up 0.6 %

Shares of SSB stock opened at $102.17 on Thursday. The firm has a market capitalization of $7.78 billion, a PE ratio of 16.67 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $103.82. The stock has a fifty day moving average of $94.71 and a two-hundred day moving average of $85.36.

SouthState (NASDAQ:SSB) last announced 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. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm had revenue of $425.48 million during the quarter, compared to analyst estimates of $418.08 million. During the same quarter in the prior year, the firm posted $1.63 EPS. SouthState’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts expect that SouthState Co. will post 6.69 EPS for the current year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 9th were issued a dividend of $0.54 per share. This is a boost from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 annualized dividend and a yield of 2.11%. SouthState’s payout ratio is presently 35.24%.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction 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 transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’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 completion of the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

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.