SouthState Co. $SSB Shares Sold by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab Private Ltd significantly reduced its stake in SouthState Co. by 77.7% during the first quarter, now holding 3,145 shares valued at $292,000.
• SouthState recently reported an EPS of $2.30 for the last quarter, exceeding analyst expectations by $0.32, and had a revenue of $840.5 million against a forecast of $645.12 million.
• The company announced a quarterly dividend increase to $0.60 per share, a positive change from the previous $0.54, resulting in a 2.4% yield for investors.

Dynamic Technology Lab Private Ltd lessened its position in SouthState Co. (NASDAQ:SSB - Free Report) by 77.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,145 shares of the bank's stock after selling 10,965 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in SouthState were worth $292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Alliancebernstein L.P. lifted its holdings in SouthState by 44.5% during the 1st quarter. Alliancebernstein L.P. now owns 300,047 shares of the bank's stock worth $27,850,000 after buying an additional 92,342 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of SouthState by 153.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock worth $949,000 after acquiring an additional 6,196 shares during the period. GAMMA Investing LLC increased its position in shares of SouthState by 68.1% during the first quarter. GAMMA Investing LLC now owns 1,172 shares of the bank's stock worth $109,000 after acquiring an additional 475 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of SouthState by 5.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock valued at $100,856,000 after acquiring an additional 51,933 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in SouthState by 32.1% in the first quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock valued at $1,066,000 after purchasing an additional 2,790 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Hovde Group lifted their price objective on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Jefferies Financial Group started coverage on shares of SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Barclays boosted their price target on shares of SouthState from $117.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. DA Davidson increased 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, Citigroup restated a "buy" rating and issued a $117.00 price objective (up from $113.00) on shares of SouthState in a report on Monday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $115.27.

SouthState Stock Performance

SSB traded up $2.31 during trading on Thursday, hitting $103.53. The stock had a trading volume of 638,785 shares, compared to its average volume of 906,701. The firm has a market capitalization of $10.48 billion, a P/E ratio of 14.87 and a beta of 0.74. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.26. The company's 50-day moving average price is $98.17 and its 200 day moving average price is $92.49.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, beating the consensus estimate of $1.98 by $0.32. The business had revenue of $840.50 million during the quarter, compared to analysts' expectations of $645.12 million. SouthState had a return on equity of 9.62% and a net margin of 22.38%.During the same period last year, the firm earned $1.74 EPS. On average, equities research analysts forecast that SouthState Co. will post 8.12 EPS for the current fiscal year.

SouthState Increases Dividend

The business 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 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from SouthState's previous quarterly dividend of $0.54. SouthState's dividend payout ratio is currently 35.77%.

Insider Buying and Selling at SouthState

In other news, Director G Stacy Smith acquired 2,500 shares of SouthState stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $92.30 per share, with a total value of $230,750.00. Following the completion of the purchase, the director owned 39,546 shares of the company's stock, valued at approximately $3,650,095.80. This represents a 6.75% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Janet P. Froetscher acquired 3,338 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the acquisition, the director directly owned 8,294 shares of the company's stock, valued at approximately $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 8,338 shares of company stock worth $786,321. 1.70% of the stock is owned by insiders.

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.