SouthState Co. (NASDAQ:SSB) Stock Position Decreased by Private Management Group Inc.

Private Management Group Inc. reduced its position in SouthState Co. (NASDAQ:SSB) by 24.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 252,830 shares of the bank’s stock after selling 80,163 shares during the period. Private Management Group Inc. owned about 0.33% of SouthState worth $21,351,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Nicholas Hoffman & Company LLC. grew its stake in SouthState by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock valued at $1,606,000 after purchasing an additional 131 shares in the last quarter. Sheets Smith Wealth Management grew its stake in shares of SouthState by 3.0% in the 3rd quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock valued at $395,000 after buying an additional 171 shares in the last quarter. AlphaMark Advisors LLC increased its holdings in SouthState by 5.1% in the fourth quarter. AlphaMark Advisors LLC now owns 3,608 shares of the bank’s stock worth $305,000 after buying an additional 175 shares during the last quarter. Red Spruce Capital LLC raised its position in SouthState by 0.6% during the fourth quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock valued at $2,488,000 after acquiring an additional 179 shares in the last quarter. Finally, Prospector Partners LLC lifted its stake in SouthState by 0.3% in the third quarter. Prospector Partners LLC now owns 76,197 shares of the bank’s stock valued at $5,133,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the topic of several analyst reports. DA Davidson restated a “buy” rating and set a $102.00 price target (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. Truist Financial lowered their target price on shares of SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. UBS Group boosted their price target on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. Finally, Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, SouthState currently has an average rating of “Hold” and a consensus target price of $87.80.

SouthState Stock Performance

SouthState stock traded up $0.59 on Tuesday, reaching $79.84. 426,777 shares of the stock were exchanged, compared to its average volume of 414,469. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. SouthState Co. has a twelve month low of $59.51 and a twelve month high of $87.77. The firm has a fifty day moving average price of $81.68 and a two-hundred day moving average price of $78.72. The stock has a market cap of $6.09 billion, a PE ratio of 12.35 and a beta of 0.74.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, January 25th. The bank reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.13. SouthState had a return on equity of 9.85% and a net margin of 22.15%. The business had revenue of $419.72 million during the quarter, compared to analysts’ expectations of $419.08 million. Sell-side analysts anticipate that SouthState Co. will post 6.51 EPS for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were given a $0.52 dividend. The ex-dividend date was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.61%. SouthState’s dividend payout ratio is currently 32.20%.

Insider Transactions at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the transaction, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Renee R. Brooks sold 4,025 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares in the company, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,925 shares of company stock valued at $988,686. 1.70% of the stock is owned by corporate insiders.

SouthState Company 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.