Curi RMB Capital LLC Trims Holdings in SouthState Co. $SSB

Key Points

• Curi RMB Capital LLC reduced its stake in SouthState Co. by 15.2%, owning 21,406 shares valued at approximately $1.99 million after selling 3,846 shares in the first quarter.
• SouthState reported quarterly earnings of $2.30 per share, exceeding analysts' expectations of $1.98 per share and significantly increasing revenue to $840.50 million.
• The company declared a quarterly dividend of $0.60 per share, reflecting an increase from the previous dividend of $0.54, with an annual yield of 2.3%.

Curi RMB Capital LLC lowered its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 15.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,406 shares of the bank's stock after selling 3,846 shares during the quarter. Curi RMB Capital LLC's holdings in SouthState were worth $1,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its position in shares of SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after acquiring an additional 485 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in shares of SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after acquiring an additional 378 shares during the last quarter. Summit Securities Group LLC grew its position in shares of SouthState by 81.5% during the first quarter. Summit Securities Group LLC now owns 688 shares of the bank's stock worth $64,000 after acquiring an additional 309 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of SouthState by 1,103.4% during the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the bank's stock worth $64,000 after acquiring an additional 640 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of SouthState during the first quarter worth approximately $67,000. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Price Performance

Shares of NASDAQ SSB traded up $0.31 during trading on Wednesday, hitting $101.34. 383,144 shares of the company were exchanged, compared to its average volume of 915,388. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 14.56 and a beta of 0.74. SouthState Co. has a 1 year low of $77.74 and a 1 year high of $114.26. The firm's fifty day moving average price is $97.52 and its 200 day moving average price is $92.35. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.32. SouthState had a return on equity of 9.62% and a net margin of 22.38%.The business had revenue of $840.50 million during the quarter, compared to the consensus estimate of $645.12 million. During the same quarter in the previous year, the company posted $1.74 EPS. On average, sell-side analysts expect that SouthState Co. will post 8.12 earnings per share for the current fiscal year.

SouthState Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from SouthState's previous quarterly dividend of $0.54. SouthState's dividend payout ratio is presently 35.77%.

Insider Activity

In other SouthState news, Director G Stacy Smith bought 2,500 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the sale, the insider directly owned 31,785 shares of the company's stock, valued at $3,165,786. This trade represents a 13.59% decrease in their position. The disclosure for this sale can be found here. Insiders purchased a total of 8,338 shares of company stock valued at $786,321 in the last 90 days. 1.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SSB shares. Barclays lifted their price objective on shares of SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Citigroup reiterated a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. Hovde Group lifted their price objective on shares of SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. DA Davidson lifted their price objective on shares of SouthState from $115.00 to $117.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Finally, Truist Financial started coverage on shares of SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, SouthState has a consensus rating of "Buy" and a consensus target price of $115.27.

SouthState 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.