Mutual of America Capital Management LLC Sells 1,666 Shares of SouthState Co. (NASDAQ:SSB)

Mutual of America Capital Management LLC lessened its holdings in SouthState Co. (NASDAQ:SSB) by 3.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,620 shares of the bank’s stock after selling 1,666 shares during the quarter. Mutual of America Capital Management LLC owned 0.06% of SouthState worth $3,333,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. SageView Advisory Group LLC acquired a new position in SouthState in the first quarter worth about $879,000. The Manufacturers Life Insurance Company lifted its position in shares of SouthState by 2.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 720,801 shares of the bank’s stock worth $60,872,000 after buying an additional 13,905 shares during the period. BNP Paribas Financial Markets boosted its stake in SouthState by 82.5% in the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock valued at $3,601,000 after buying an additional 19,138 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of 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. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of SouthState in the 1st quarter worth about $2,754,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $98.77 on Tuesday. The company has a market cap of $7.53 billion, a PE ratio of 16.11 and a beta of 0.67. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 1 year low of $63.36 and a 1 year high of $102.82. The company’s 50-day moving average is $93.68 and its two-hundred day moving average is $83.74.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.25. The firm had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.63 earnings per share. Equities analysts anticipate that SouthState Co. will post 6.7 earnings per share for the current year.

SouthState Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have commented on SSB shares. Truist Financial boosted their price target on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research report on Friday. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Stephens boosted their price objective on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler raised their target price on SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Finally, Hovde Group upped their price target on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.00.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value 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. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

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.