Blue Trust Inc. Sells 3,532 Shares of SouthState Co. (NASDAQ:SSB)

Blue Trust Inc. decreased its position in SouthState Co. (NASDAQ:SSB) by 78.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 994 shares of the bank’s stock after selling 3,532 shares during the period. Blue Trust Inc.’s holdings in SouthState were worth $97,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of SSB. SageView Advisory Group LLC acquired a new position in shares of SouthState during the first quarter valued at about $879,000. BNP Paribas Financial Markets raised its stake in shares of SouthState by 82.5% in the first quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock worth $3,601,000 after purchasing an additional 19,138 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of SouthState by 107.4% in the first quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock valued at $1,616,000 after purchasing an additional 9,843 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of SouthState during the first quarter valued at approximately $562,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in SouthState by 234.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock worth $2,003,000 after buying an additional 18,374 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

NASDAQ SSB opened at $98.23 on Wednesday. The company’s 50 day simple moving average is $96.48 and its two-hundred day simple moving average is $86.49. The stock has a market capitalization of $7.48 billion, a PE ratio of 16.02 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a 1 year low of $65.18 and a 1 year high of $103.82.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The company had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same quarter last year, the company earned $1.62 earnings per share. The firm’s quarterly revenue was down .4% on a year-over-year basis. Analysts predict that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Friday, November 8th. SouthState’s dividend payout ratio is currently 35.24%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Stephens lifted their price objective on shares of SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday. Citigroup started coverage on shares of SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. DA Davidson upped their target price on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a report on Friday, July 26th. Hovde Group lifted their price target on SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Piper Sandler lifted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, SouthState currently has an average rating of “Moderate Buy” and a consensus target price of $104.00.

Insider Buying and Selling at SouthState

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 value 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO William E. V. Matthews sold 5,000 shares of the firm’s 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 transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. 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 accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the company’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 owns 33,328 shares of the company’s stock, valued at $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company 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.