New York State Teachers Retirement System Sells 200 Shares of SouthState Co. (NASDAQ:SSB)

New York State Teachers Retirement System decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 1.6% during the third quarter, Holdings Channel.com reports. The fund owned 12,300 shares of the bank’s stock after selling 200 shares during the quarter. New York State Teachers Retirement System’s holdings in SouthState were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new stake in SouthState during the 3rd quarter worth approximately $35,000. UMB Bank n.a. raised its stake in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after acquiring an additional 192 shares during the period. GAMMA Investing LLC raised its stake in SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState during the 2nd quarter worth approximately $97,000. Finally, International Assets Investment Management LLC raised its position in shares of SouthState by 9,620.0% during 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 during the last quarter. Institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 completion of the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 completion of the transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 of the company’s stock, valued at $3,696,400. 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 owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SSB shares. Stephens lifted their price objective on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Truist Financial reduced their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday. Hovde Group lifted their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Piper Sandler lifted their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $105.11.

SouthState Trading Up 1.1 %

SSB stock opened at $108.39 on Friday. The firm has a fifty day moving average price of $97.71 and a 200 day moving average price of $87.92. SouthState Co. has a fifty-two week low of $67.72 and a fifty-two week high of $111.99. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.92. The firm has a market cap of $8.27 billion, a PE ratio of 16.73 and a beta of 0.66.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period last year, the firm posted $1.62 earnings per share. Sell-side analysts anticipate that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s payout ratio is 33.33%.

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.