SouthState Co. (NASDAQ:SSB) Shares Sold by Pitcairn Co.

Pitcairn Co. lowered its holdings in SouthState Co. (NASDAQ:SSB) by 6.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 10,734 shares of the bank’s stock after selling 790 shares during the quarter. Pitcairn Co.’s holdings in SouthState were worth $1,043,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SSB. Cerity Partners LLC raised its position in shares of SouthState by 22.0% during the third quarter. Cerity Partners LLC now owns 13,113 shares of the bank’s stock worth $1,274,000 after purchasing an additional 2,365 shares during the period. Biltmore Family Office LLC purchased a new position in SouthState in the 3rd quarter worth about $227,000. Citigroup Inc. raised its holdings in SouthState by 4.8% during the 3rd quarter. Citigroup Inc. now owns 213,175 shares of the bank’s stock worth $20,716,000 after buying an additional 9,693 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of SouthState by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after buying an additional 72,181 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of SouthState during the third quarter valued at approximately $1,605,000. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SSB has been the subject of a number of research reports. Truist Financial decreased their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Finally, Stephens raised their price target on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $105.11.

Insider Transactions at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 6.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. This represents a 11.91 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is owned by company insiders.

SouthState Stock Performance

NASDAQ:SSB opened at $109.00 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average price of $100.24 and a 200 day moving average price of $89.98. The firm has a market capitalization of $8.32 billion, a PE ratio of 16.82 and a beta of 0.66. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $113.14.

SouthState (NASDAQ:SSB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same quarter in the previous year, the firm earned $1.62 EPS. SouthState’s quarterly revenue was down .4% on a year-over-year basis. Research analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s payout ratio is 33.33%.

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.