Channing Capital Management LLC Sells 11,981 Shares of SouthState Co. (NASDAQ:SSB)

Channing Capital Management LLC trimmed its holdings in shares of SouthState Co. (NASDAQ:SSB) by 1.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 847,207 shares of the bank’s stock after selling 11,981 shares during the period. SouthState accounts for about 2.1% of Channing Capital Management LLC’s investment portfolio, making the stock its 15th biggest holding. Channing Capital Management LLC owned approximately 1.11% of SouthState worth $71,547,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in SouthState by 1.2% in the third quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock valued at $194,309,000 after purchasing an additional 35,291 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of SouthState by 4.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank’s stock worth $79,974,000 after acquiring an additional 49,472 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of SouthState by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 979,859 shares of the bank’s stock worth $66,003,000 after acquiring an additional 14,153 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of SouthState by 0.9% during the third quarter. New York State Common Retirement Fund now owns 328,123 shares of the bank’s stock worth $22,102,000 after acquiring an additional 2,920 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of SouthState by 5.4% during the third quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock worth $19,277,000 after acquiring an additional 14,688 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, the president now directly owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on SSB shares. Piper Sandler reduced their target price on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, April 29th. UBS Group increased their target price on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Truist Financial reduced their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating for the company in a report on Monday, April 29th. Finally, DA Davidson restated a “buy” rating and set a $102.00 target price (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.17.

SouthState Stock Performance

SSB stock traded up $0.32 during trading hours on Friday, reaching $78.57. The stock had a trading volume of 284,971 shares, compared to its average volume of 449,337. The stock has a market capitalization of $5.99 billion, a PE ratio of 12.82 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a 50-day simple moving average of $80.78 and a 200 day simple moving average of $79.34. SouthState Co. has a fifty-two week low of $59.51 and a fifty-two week high of $87.77.

SouthState (NASDAQ:SSB) last posted its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.03. The company had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. SouthState’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.93 EPS. Analysts predict that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s dividend payout ratio is presently 33.93%.

About SouthState

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.