SouthState Co. (NASDAQ:SSB) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC decreased its position in SouthState Co. (NASDAQ:SSB) by 24.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,720 shares of the bank’s stock after selling 6,488 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in SouthState were worth $1,916,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Nicholson Wealth Management Group LLC acquired a new stake in shares of SouthState in the 3rd quarter valued at $693,000. International Assets Investment Management LLC raised its stake in SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after buying an additional 1,443 shares in the last quarter. Waldron Private Wealth LLC purchased a new stake in SouthState during the 3rd quarter worth about $35,000. Calton & Associates Inc. acquired a new position in shares of SouthState during the 3rd quarter worth about $435,000. Finally, Builder Investment Group Inc. ADV purchased a new position in shares of SouthState in the 3rd quarter valued at about $235,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

NASDAQ SSB opened at $97.42 on Friday. The firm has a market cap of $7.43 billion, a P/E ratio of 14.05 and a beta of 0.66. SouthState Co. has a 52-week low of $67.69 and a 52-week high of $103.82. The business’s 50-day moving average price is $96.91 and its 200 day moving average price is $86.93. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.12.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same quarter in the previous year, the company posted $1.62 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. On average, equities research analysts expect that SouthState Co. will post 6.85 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Friday, November 8th. SouthState’s dividend payout ratio (DPR) is presently 33.33%.

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 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 directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were 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 in the company, valued at approximately $3,332,800. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the 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 of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Citigroup started coverage on SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. Piper Sandler upped their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Hovde Group lifted their price target on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. DA Davidson upped their price objective on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Stephens lifted their target price on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $104.00.

SouthState 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.