Greenwood Capital Associates LLC Sells 541 Shares of SouthState Co. (NASDAQ:SSB)

Greenwood Capital Associates LLC cut its position in shares of SouthState Co. (NASDAQ:SSB) by 15.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,938 shares of the bank’s stock after selling 541 shares during the quarter. Greenwood Capital Associates LLC’s holdings in SouthState were worth $286,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Fidelis Capital Partners LLC bought a new stake in shares of SouthState in the 1st quarter valued at $30,000. Waldron Private Wealth LLC bought a new stake in SouthState in the third quarter valued at $35,000. GAMMA Investing LLC raised its holdings in shares of SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the period. UMB Bank n.a. boosted its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of SouthState in the 2nd quarter valued at about $97,000. Institutional investors own 89.76% of the company’s stock.

SouthState Trading Up 2.1 %

NASDAQ:SSB opened at $97.68 on Wednesday. SouthState Co. has a 52 week low of $67.72 and a 52 week high of $103.82. The firm has a 50-day moving average price of $96.96 and a two-hundred day moving average price of $87.35. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 15.07 and a beta of 0.66.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same period last year, the business posted $1.62 earnings per share. SouthState’s revenue was down .4% on a year-over-year basis. On average, equities analysts expect that SouthState Co. will post 6.85 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.21%. SouthState’s payout ratio is currently 33.33%.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction that occurred 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 directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated 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 directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the business’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 transaction of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SSB. Piper Sandler increased their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Hovde Group lifted their price target on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. DA Davidson boosted their price target on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods raised their price objective on shares of SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Finally, Truist Financial decreased their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $104.00.

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.