ProShare Advisors LLC Decreases Position in SouthState Co. (NASDAQ:SSB)

ProShare Advisors LLC reduced its position in shares of SouthState Co. (NASDAQ:SSB) by 20.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,799 shares of the bank’s stock after selling 3,599 shares during the period. ProShare Advisors LLC’s holdings in SouthState were worth $1,055,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SSB. Vanguard Group Inc. lifted its stake in shares of SouthState by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock worth $713,461,000 after buying an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after purchasing an additional 371,987 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of SouthState by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after purchasing an additional 45,176 shares during the last quarter. American Century Companies Inc. grew its position in shares of SouthState by 2.4% in the second quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after purchasing an additional 39,492 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of SouthState by 1.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock valued at $87,464,000 after purchasing an additional 21,160 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Up 0.2 %

SouthState stock opened at $95.75 on Friday. The company has a market capitalization of $7.30 billion, a PE ratio of 15.62 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a fifty-two week low of $63.36 and a fifty-two week high of $102.82. The firm has a 50 day moving average price of $94.16 and a 200 day moving average price of $84.09.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. During the same quarter in the previous year, the business earned $1.63 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts expect that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders 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 dividend yield of 2.26%. SouthState’s dividend payout ratio (DPR) is presently 35.24%.

Insider Activity at SouthState

In other news, CFO William E. V. Matthews sold 5,000 shares of SouthState 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 transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were 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 of the company’s stock, valued at approximately $3,696,400. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Hovde Group upped their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Stephens raised their price objective on shares of SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Truist Financial boosted their target price on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a report on Friday, September 20th. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods upped their price objective on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.00.

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.