SouthState Co. (NASDAQ:SSB) Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. decreased its stake in shares of SouthState Co. (NASDAQ:SSB) by 4.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 724,845 shares of the bank’s stock after selling 29,935 shares during the period. Goldman Sachs Group Inc. owned approximately 0.95% of SouthState worth $61,213,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its stake in SouthState by 2.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 720,801 shares of the bank’s stock valued at $60,872,000 after buying an additional 13,905 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in shares of SouthState by 44.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank’s stock valued at $3,413,000 after purchasing an additional 15,599 shares in the last quarter. Rafferty Asset Management LLC boosted its position in shares of SouthState by 55.3% during the 4th quarter. Rafferty Asset Management LLC now owns 103,990 shares of the bank’s stock valued at $8,782,000 after purchasing an additional 37,049 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of SouthState by 26.8% during the 4th quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock valued at $186,485,000 after purchasing an additional 466,144 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of SouthState by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,005,187 shares of the bank’s stock valued at $84,888,000 after purchasing an additional 25,328 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of SSB opened at $73.12 on Wednesday. The company’s 50 day moving average price is $77.36 and its 200 day moving average price is $80.76. SouthState Co. has a 52 week low of $63.36 and a 52 week high of $87.77. The company has a market capitalization of $5.57 billion, a PE ratio of 11.93 and a beta of 0.71. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90.

SouthState (NASDAQ:SSB) last posted its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. The firm 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%. The company’s revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.93 earnings per share. Research analysts expect that SouthState Co. will post 6.34 EPS for the current fiscal year.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, May 9th. SouthState’s dividend payout ratio (DPR) is presently 33.93%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SSB shares. Keefe, Bruyette & Woods raised their price objective on shares of SouthState from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, May 28th. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price objective for the company in a research report on Tuesday, May 21st. Piper Sandler raised their target price on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Finally, Truist Financial dropped their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SouthState presently has a consensus rating of “Hold” and an average target price of $91.00.

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.