Independent Advisor Alliance Reduces Stock Position in SouthState Co. (NASDAQ:SSB)

Independent Advisor Alliance cut its stake in SouthState Co. (NASDAQ:SSB) by 3.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,769 shares of the bank’s stock after selling 976 shares during the period. Independent Advisor Alliance’s holdings in SouthState were worth $2,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Waldron Private Wealth LLC acquired a new position in SouthState in the third quarter valued at approximately $35,000. GAMMA Investing LLC lifted its holdings in SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after acquiring an additional 333 shares during the last quarter. UMB Bank n.a. lifted its holdings in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after acquiring an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in SouthState in the second quarter valued at approximately $97,000. Finally, Innealta Capital LLC acquired a new position in SouthState in the second quarter valued at approximately $133,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Stock Up 3.0 %

Shares of NASDAQ SSB opened at $112.25 on Tuesday. The stock has a market cap of $8.56 billion, a P/E ratio of 17.32 and a beta of 0.66. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The business’s fifty day simple moving average is $100.24 and its 200-day simple moving average is $89.98.

SouthState (NASDAQ:SSB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. The business had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period last year, the firm earned $1.62 earnings per share. As a group, equities analysts predict that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio is presently 33.33%.

Insider Buying and Selling at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. The trade was a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. This trade represents a 11.91 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on SSB. Citigroup initiated coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price objective on the stock. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SouthState presently has an average rating of “Hold” and a consensus target price of $105.11.

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.