SouthState Co. (NASDAQ:SSB) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. reduced its stake in shares of SouthState Co. (NASDAQ:SSB) by 19.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,833 shares of the bank’s stock after selling 13,394 shares during the period. Federated Hermes Inc. owned 0.07% of SouthState worth $4,267,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in SSB. Parallel Advisors LLC increased its position in SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after purchasing an additional 272 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of SouthState during the 1st quarter worth approximately $30,000. TFO Wealth Partners LLC raised its position in shares of SouthState by 13,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after buying an additional 402 shares during the period. GAMMA Investing LLC lifted its holdings in SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares during the last quarter. Finally, Innealta Capital LLC purchased a new position in SouthState in the second quarter worth approximately $133,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState 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 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 the SEC website. Insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

SSB has been the subject of a number of research analyst reports. Hovde Group increased their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods upped their price objective on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Piper Sandler raised their target price on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. Truist Financial raised their price target on SouthState from $81.00 to $109.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Finally, DA Davidson raised their price objective 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $102.75.

SouthState Stock Up 0.4 %

SSB opened at $99.10 on Thursday. The business has a 50 day simple moving average of $92.74 and a 200-day simple moving average of $83.41. SouthState Co. has a 12 month low of $63.36 and a 12 month high of $102.59. The stock has a market capitalization of $7.55 billion, a P/E ratio of 16.17 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 (NASDAQ:SSB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. During the same period in the prior year, the company posted $1.63 EPS. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts anticipate that SouthState Co. will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.18%. This is an increase from SouthState’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

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.