SouthState Co. (NASDAQ:SSB) Insider Sells $250,000.00 in Stock

SouthState Co. (NASDAQ:SSB) 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 transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

SouthState Stock Performance

SouthState stock traded up $0.38 during trading hours on Wednesday, hitting $99.10. The stock had a trading volume of 513,373 shares, compared to its average volume of 476,767. The company has a 50-day moving average of $92.32 and a two-hundred day moving average of $83.29. 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 Co. has a fifty-two week low of $63.36 and a fifty-two week high of $102.59. The company has a market cap of $7.55 billion, a PE ratio of 15.97 and a beta of 0.67.

SouthState (NASDAQ:SSB) last released 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 business had revenue of $425.48 million for the quarter, compared to analysts’ expectations of $418.08 million. SouthState had a return on equity of 9.31% and a net margin of 20.84%. SouthState’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.63 earnings per share. On average, equities research analysts anticipate that SouthState Co. will post 6.7 EPS for the current fiscal 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 issued 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%.

Institutional Trading of SouthState

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nicholas Hoffman & Company LLC. lifted its stake in SouthState by 0.6% during the second quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares during the period. Raymond James & Associates grew 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 purchasing an additional 126 shares during the period. Parallel Advisors LLC raised its holdings in shares of SouthState by 544.0% in the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after buying an additional 333 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its stake in SouthState by 3.7% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 9,704 shares of the bank’s stock valued at $742,000 after buying an additional 344 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SSB shares. Piper Sandler upped their target price on SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods boosted their target price on shares of SouthState from $95.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Raymond James raised SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research report on Tuesday, May 21st. Hovde Group increased their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Stephens lifted their price target on SouthState from $88.00 to $101.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. One 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, SouthState has an average rating of “Hold” and an average price target of $102.75.

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.