Janney Montgomery Scott LLC Reduces Stake in SouthState Co. (NASDAQ:SSB)

Janney Montgomery Scott LLC decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 46.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,152 shares of the bank’s stock after selling 7,969 shares during the quarter. Janney Montgomery Scott LLC’s holdings in SouthState were worth $889,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of SSB. Russell Investments Group Ltd. raised its position in SouthState by 4.3% in the first quarter. Russell Investments Group Ltd. now owns 52,398 shares of the bank’s stock valued at $4,455,000 after purchasing an additional 2,140 shares during the period. US Bancorp DE boosted its stake in SouthState by 7.1% during the first quarter. US Bancorp DE now owns 5,348 shares of the bank’s stock worth $455,000 after buying an additional 356 shares during the period. ProShare Advisors LLC increased its position in shares of SouthState by 4.7% during the first quarter. ProShare Advisors LLC now owns 17,398 shares of the bank’s stock valued at $1,479,000 after acquiring an additional 783 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of SouthState by 7.1% in the 1st quarter. Bessemer Group Inc. now owns 159,277 shares of the bank’s stock valued at $13,544,000 after acquiring an additional 10,504 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of SouthState by 1.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 78,788 shares of the bank’s stock worth $6,699,000 after purchasing an additional 1,100 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Trading Down 0.4 %

SSB opened at $106.07 on Friday. The business’s 50-day simple moving average is $98.93 and its 200-day simple moving average is $88.96. The company has a market cap of $8.09 billion, a P/E ratio of 16.37 and a beta of 0.66. SouthState Co. has a one year low of $70.68 and a one year high of $113.14. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The business had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same quarter in the previous year, the firm earned $1.62 EPS. The company’s revenue was down .4% compared to the same quarter last year. As a group, equities research analysts expect that SouthState Co. will post 6.92 EPS for the current fiscal year.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, November 8th. SouthState’s payout ratio is currently 33.33%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday. DA Davidson boosted their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Stephens upped their price objective on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $105.11.

Insider Activity at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the 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 completion of the sale, the insider now owns 33,328 shares in the company, valued at $3,332,800. This represents a 6.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState 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 owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

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.