State of New Jersey Common Pension Fund D Lowers Position in SouthState Co. (NASDAQ:SSB)

State of New Jersey Common Pension Fund D cut its stake in SouthState Co. (NASDAQ:SSB) by 28.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,938 shares of the bank’s stock after selling 9,931 shares during the period. State of New Jersey Common Pension Fund D’s holdings in SouthState were worth $1,906,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Parallel Advisors LLC increased its stake in shares of SouthState by 544.0% during the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in shares of SouthState during the first quarter valued at approximately $30,000. TFO Wealth Partners LLC increased its stake in shares of SouthState by 13,400.0% during the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock valued at $34,000 after purchasing an additional 402 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares in the last quarter. Finally, Innealta Capital LLC bought a new position in shares of SouthState during the second quarter valued at approximately $133,000. Institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Piper Sandler raised their target price on shares of SouthState from $95.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Truist Financial raised 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. Keefe, Bruyette & Woods raised their price target on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Hovde Group raised their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $103.00.

SouthState Trading Down 2.8 %

NASDAQ:SSB opened at $98.78 on Friday. 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 12 month low of $63.36 and a 12 month high of $102.82. 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 50 day simple moving average of $93.43 and a two-hundred day simple moving average of $83.64.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. 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 firm posted $1.63 EPS. The firm’s revenue was down 3.1% on a year-over-year basis. Research analysts forecast 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 given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Friday, August 9th. This is an increase from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is 35.24%.

Insiders Place Their Bets

In other news, 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 sale, the chief financial officer now 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 this hyperlink. In other news, 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 sale, the chief financial officer now 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 this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were 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 approximately $3,332,800. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by insiders.

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.