Sheets Smith Wealth Management Has $481,000 Stock Holdings in SouthState Co. (NASDAQ:SSB)

Sheets Smith Wealth Management decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,690 shares of the bank’s stock after selling 173 shares during the period. Sheets Smith Wealth Management’s holdings in SouthState were worth $481,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SSB. Commonwealth Equity Services LLC increased its stake in shares of SouthState by 8.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 14,871 shares of the bank’s stock worth $1,002,000 after purchasing an additional 1,165 shares during the last quarter. Raymond James & Associates raised its holdings in SouthState by 6.7% during the third quarter. Raymond James & Associates now owns 22,961 shares of the bank’s stock valued at $1,547,000 after buying an additional 1,437 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of SouthState by 16.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,781 shares of the bank’s stock worth $996,000 after buying an additional 2,078 shares during the last quarter. Mackenzie Financial Corp bought a new stake in shares of SouthState during the 3rd quarter worth about $302,000. Finally, TIAA Trust National Association acquired a new position in shares of SouthState during the 3rd quarter valued at about $417,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Up 2.1 %

SSB stock traded up $1.66 during trading hours on Monday, reaching $80.23. 169,082 shares of the stock were exchanged, compared to its average volume of 414,498. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 12.99 and a beta of 0.75. The firm’s 50-day moving average is $80.78 and its 200-day moving average is $79.34. SouthState Co. has a 12 month low of $59.84 and a 12 month high of $87.77. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89.

SouthState (NASDAQ:SSB) last announced its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The business had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. During the same quarter last year, the firm earned $1.93 EPS. SouthState’s revenue for the quarter was down 8.2% compared to the same quarter last year. On average, equities research analysts expect that SouthState Co. will post 6.37 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 2.59%. SouthState’s payout ratio is 33.93%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. DA Davidson reaffirmed a “buy” rating and set a $102.00 target price (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Piper Sandler cut their target price on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Truist Financial lowered their price target on SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday, April 29th. Finally, UBS Group lifted their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, SouthState has an average rating of “Hold” and an average price target of $88.17.

Insiders Place Their Bets

In related news, President Richard Iv Murray sold 4,900 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the sale, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SouthState news, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the transaction, the president now directly owns 58,968 shares in the company, valued at $4,826,530.80. The disclosure for this sale can be found here. 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.