SouthState Co. (NASDAQ:SSB) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC raised its holdings in shares of SouthState Co. (NASDAQ:SSB) by 6.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,862 shares of the bank’s stock after buying an additional 7,543 shares during the period. Wedge Capital Management L L P NC owned about 0.17% of SouthState worth $11,220,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nicholas Hoffman & Company LLC. increased its stake in shares of SouthState by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock worth $1,606,000 after buying an additional 131 shares during the last quarter. Sheets Smith Wealth Management increased its stake in shares of SouthState by 3.0% in the third quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock worth $395,000 after buying an additional 171 shares during the last quarter. AlphaMark Advisors LLC increased its stake in shares of 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 increased its stake in shares of SouthState by 0.6% in the fourth quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock worth $2,488,000 after buying an additional 179 shares during the last quarter. Finally, Prospector Partners LLC increased its stake in shares of SouthState by 0.3% in the third quarter. Prospector Partners LLC now owns 76,197 shares of the bank’s stock worth $5,133,000 after buying an additional 200 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SSB shares. DA Davidson reiterated a “buy” rating and set a $102.00 target price (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group upped their price objective on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Truist Financial reduced their price objective on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a report on Monday, April 1st. Finally, Raymond James downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $87.80.

SouthState Price Performance

SouthState stock traded up $0.40 during midday trading on Tuesday, hitting $79.65. The company’s stock had a trading volume of 40,018 shares, compared to its average volume of 409,262. The stock’s 50-day moving average price is $81.68 and its 200-day moving average price is $78.72. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $6.07 billion, a PE ratio of 12.26 and a beta of 0.74. SouthState Co. has a 12 month low of $59.51 and a 12 month high of $87.77.

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

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Friday, February 9th were issued a $0.52 dividend. The ex-dividend date of this dividend 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 32.20%.

Insider Activity

In related news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The sale was disclosed in a document filed with the SEC, which is available at this link. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 35,828 shares of the company’s stock, valued at approximately $2,902,068. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock worth $988,686 in the last 90 days. Company insiders own 1.70% of the company’s stock.

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.