SouthState Co. (NASDAQ:SSB) Shares Sold by Salomon & Ludwin LLC

Salomon & Ludwin LLC cut its position in shares of SouthState Co. (NASDAQ:SSB) by 43.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 325 shares of the bank’s stock after selling 250 shares during the quarter. Salomon & Ludwin LLC’s holdings in SouthState were worth $32,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. State of Alaska Department of Revenue boosted its stake in SouthState by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 8,817 shares of the bank’s stock valued at $856,000 after buying an additional 600 shares in the last quarter. Nicholson Wealth Management Group LLC bought a new position in shares of SouthState during the 3rd quarter valued at about $693,000. International Assets Investment Management LLC grew its stake in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares during the last quarter. Waldron Private Wealth LLC acquired a new stake in SouthState during the third quarter valued at approximately $35,000. Finally, Calton & Associates Inc. acquired a new stake in SouthState during the third quarter valued at approximately $435,000. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on SSB shares. Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday. Citigroup initiated coverage on SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price for the company. DA Davidson lifted their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Stephens upped their price objective on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Hovde Group boosted their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.56.

SouthState Stock Performance

SSB stock opened at $98.47 on Tuesday. The firm has a 50 day simple moving average of $96.48 and a 200 day simple moving average of $86.49. SouthState Co. has a 52 week low of $65.18 and a 52 week high of $103.82. The stock has a market cap of $7.50 billion, a P/E ratio of 16.06 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 (NASDAQ:SSB) last issued 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 net margin of 20.84% and a return on equity of 9.31%. The company had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same quarter last year, the business posted $1.62 EPS. The company’s revenue for the quarter was down .4% on a year-over-year basis. Research analysts anticipate that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s payout ratio is currently 35.24%.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred 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 sale, the insider now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction 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 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 corporate insiders.

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.