SouthState Co. (NASDAQ:SSB) CFO William E. V. Matthews Sells 5,000 Shares

SouthState Co. (NASDAQ:SSB) CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was 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 owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

SouthState Stock Performance

Shares of SSB stock opened at $98.78 on Friday. The stock has a fifty day moving average price of $93.43 and a 200 day moving average price of $83.65. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $7.53 billion, a PE ratio of 16.11 and a beta of 0.67. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $102.82.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The business had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. During the same quarter in the previous year, the company posted $1.63 EPS. The business’s revenue was down 3.1% on a year-over-year basis. Sell-side analysts forecast that SouthState Co. will post 6.7 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Friday, August 9th. This is an increase from SouthState’s previous quarterly dividend of $0.23. SouthState’s dividend payout ratio is 35.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SSB shares. Piper Sandler raised their price objective on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday, May 29th. Stephens raised their price target on SouthState from $88.00 to $101.00 and gave the company an “equal weight” 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 report on Monday, July 29th. Hovde Group increased their price objective on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, DA Davidson boosted their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, SouthState presently has a consensus rating of “Hold” and a consensus price target of $103.00.

Institutional Trading of SouthState

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in SouthState by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after purchasing an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after buying an additional 371,987 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of SouthState by 1.6% during the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after buying an additional 45,176 shares during the period. Franklin Resources Inc. boosted its position in SouthState by 26.8% during the fourth quarter. Franklin Resources Inc. now owns 2,208,224 shares of the bank’s stock worth $186,485,000 after acquiring an additional 466,144 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in SouthState by 2.4% in the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after acquiring an additional 39,492 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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.