Point72 Asset Management L.P. Trims Stock Holdings in SouthState Co. (NASDAQ:SSB)

Point72 Asset Management L.P. lowered its holdings in shares of SouthState Co. (NASDAQ:SSB) by 11.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 189,662 shares of the bank’s stock after selling 24,860 shares during the quarter. Point72 Asset Management L.P. owned 0.25% of SouthState worth $14,494,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in SouthState by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 8,448,323 shares of the bank’s stock valued at $713,461,000 after buying an additional 54,147 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after acquiring an additional 371,987 shares in the last quarter. Victory Capital Management Inc. lifted its stake in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after acquiring an additional 45,176 shares during the period. American Century Companies Inc. grew its holdings in SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after acquiring an additional 39,492 shares in the last quarter. Finally, Earnest Partners LLC raised its holdings in shares of SouthState by 2.8% in the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock valued at $114,197,000 after purchasing an additional 40,879 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was 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 directly owns 36,964 shares in the company, valued at approximately $3,696,400. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated 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 filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were 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 owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

SouthState Price Performance

Shares of SSB opened at $97.22 on Tuesday. 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 business’s 50-day moving average is $94.28 and its two-hundred day moving average is $84.23. The company has a market capitalization of $7.41 billion, a P/E ratio of 15.86 and a beta of 0.67.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 EPS for the quarter, beating the consensus estimate of $1.54 by $0.25. The company had revenue of $425.48 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $1.63 earnings per share. Research analysts predict that SouthState Co. will post 6.69 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. Stockholders of record on Friday, August 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.22%. This is a boost from SouthState’s previous quarterly dividend of $0.23. SouthState’s payout ratio is currently 35.24%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Keefe, Bruyette & Woods increased 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. Truist Financial upped their target price on SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research report on Friday, September 20th. DA Davidson raised their price target on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Hovde Group increased their price objective 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. Finally, Stephens upped their price target on shares of SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. One research 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.00.

SouthState 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.