SouthState Co. (NASDAQ:SSB) Shares Sold by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. decreased its position in SouthState Co. (NASDAQ:SSB) by 27.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,941 shares of the bank’s stock after selling 1,867 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in SouthState were worth $378,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Nicholas Hoffman & Company LLC. boosted its holdings in SouthState by 0.6% in the second quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock valued at $1,472,000 after purchasing an additional 123 shares during the period. Raymond James & Associates boosted its stake in shares of SouthState by 0.6% in the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after buying an additional 126 shares during the period. GAMMA Investing LLC grew its position in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after buying an additional 333 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in shares of SouthState by 3.7% during the second quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock worth $742,000 after buying an additional 344 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in SouthState in the first quarter valued at approximately $30,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Daniel E. Bockhorst sold 2,500 shares of the 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 sale, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $100.00, for a total transaction of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Hovde Group lifted their price objective 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. Truist Financial lifted their price target on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a report on Friday, September 20th. DA Davidson increased their price objective on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted their target price on SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, Stephens upped 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. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, SouthState has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

SouthState Stock Down 0.6 %

Shares of NASDAQ SSB opened at $95.05 on Wednesday. The stock has a market cap of $7.24 billion, a PE ratio of 15.51 and a beta of 0.67. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $102.82. The business has a 50-day moving average price of $94.07 and a 200 day moving average price of $84.82. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.25. The business had revenue of $425.48 million during the quarter, compared to the consensus estimate of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 earnings per share. Equities research analysts forecast 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. Shareholders of record on Friday, August 9th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 dividend on an annualized basis and a yield of 2.27%. SouthState’s payout ratio is currently 35.24%.

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.