SouthState Co. (NASDAQ:SSB) Insider Daniel E. Bockhorst Sells 2,500 Shares

SouthState Co. (NASDAQ:SSB) insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

SouthState Stock Performance

SSB opened at $99.10 on Thursday. The stock has a 50-day moving average of $92.74 and a 200-day moving average of $83.41. 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 52-week low of $63.36 and a 52-week high of $102.59. The company has a market cap of $7.55 billion, a PE ratio of 16.17 and a beta of 0.67.

SouthState (NASDAQ:SSB) last released its quarterly 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 company had revenue of $425.48 million during the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 earnings per share. As a group, 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 issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Institutional Investors Weigh In On SouthState

Several institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC boosted its holdings in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of SouthState during the first quarter valued at $30,000. TFO Wealth Partners LLC boosted its stake in shares of SouthState by 13,400.0% in the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of SouthState by 120.7% in the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState during the 2nd quarter worth about $97,000. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the topic of several recent analyst reports. Truist Financial boosted their price objective on SouthState from $81.00 to $109.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Piper Sandler increased their price objective on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Hovde Group boosted their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. DA Davidson lifted their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods increased their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.75.

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.