Hsbc Holdings PLC Reduces Stock Position in SouthState Co. (NASDAQ:SSB)

Hsbc Holdings PLC trimmed its holdings in SouthState Co. (NASDAQ:SSB) by 26.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,757 shares of the bank’s stock after selling 2,070 shares during the period. Hsbc Holdings PLC’s holdings in SouthState were worth $440,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of SouthState by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after buying an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in SouthState by 12.6% in the 2nd 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 in the last quarter. Victory Capital Management Inc. boosted its holdings in SouthState by 1.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after purchasing an additional 45,176 shares during the period. American Century Companies Inc. grew its position in shares of SouthState by 2.4% during the 2nd 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of SouthState by 1.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock worth $87,464,000 after purchasing an additional 21,160 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Down 3.2 %

Shares of NASDAQ SSB opened at $94.06 on Wednesday. The stock has a market capitalization of $7.17 billion, a P/E ratio of 15.37 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a one year low of $63.36 and a one year high of $102.82. The firm’s 50 day simple moving average is $94.28 and its two-hundred day simple moving average is $84.23.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25. The company had revenue of $425.48 million for the quarter, compared to analyst estimates of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.63 EPS. As a group, analysts expect that SouthState Co. will post 6.69 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is 35.24%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Stephens lifted their price objective on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods lifted their price target on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Truist Financial upped their price objective on shares of SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Hovde Group lifted their target price 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, DA Davidson increased their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $103.00.

Insider Activity at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the 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 of the company’s stock, valued at $3,332,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction dated 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 owns 36,964 shares of the company’s stock, valued at $3,696,400. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company 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.