Smith Chas P & Associates PA Cpas Has $613,000 Stock Holdings in SouthState Co. $SSB

Key Points

• Smith Chas P & Associates PA Cpas has reduced its holdings in SouthState Co. ($SSB) by 42%, now owning 6,660 shares valued at approximately $613,000.
• Insider Daniel E. Bockhorst sold 5,000 shares of SouthState stock for $498,000, while Director Janet P. Froetscher increased her holdings by 67.35% with a purchase of 3,338 shares.
• SouthState recently increased its quarterly dividend to $0.60 per share, representing a 2.4% dividend yield on an annualized basis.

Smith Chas P & Associates PA Cpas lowered its position in SouthState Co. (NASDAQ:SSB - Free Report) by 42.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,660 shares of the bank's stock after selling 4,828 shares during the quarter. Smith Chas P & Associates PA Cpas' holdings in SouthState were worth $613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in SSB. Fort Washington Investment Advisors Inc. OH increased its position in SouthState by 4.4% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 163,849 shares of the bank's stock valued at $15,079,000 after acquiring an additional 6,980 shares during the period. Public Employees Retirement System of Ohio raised its position in SouthState by 204.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 46,705 shares of the bank's stock worth $4,298,000 after purchasing an additional 31,360 shares during the last quarter. Fifth Third Bancorp lifted its holdings in SouthState by 14.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,090 shares of the bank's stock worth $100,000 after buying an additional 134 shares during the period. Sheets Smith Wealth Management grew its position in shares of SouthState by 2.3% in the 2nd quarter. Sheets Smith Wealth Management now owns 6,345 shares of the bank's stock valued at $584,000 after buying an additional 140 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of SouthState by 56.1% in the second quarter. GAMMA Investing LLC now owns 1,829 shares of the bank's stock valued at $168,000 after buying an additional 657 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 5,000 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the transaction, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Janet P. Froetscher bought 3,338 shares of SouthState stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average price of $97.31 per share, with a total value of $324,820.78. Following the purchase, the director owned 8,294 shares in the company, valued at approximately $807,089.14. This represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,338 shares of company stock valued at $786,321 over the last 90 days. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

SSB has been the topic of several analyst reports. Hovde Group upped their target price on SouthState from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Cowen started coverage on SouthState in a research note on Wednesday. They set a "buy" rating for the company. National Bankshares set a $127.00 price objective on shares of SouthState in a research note on Wednesday. DA Davidson increased their target price on shares of SouthState from $115.00 to $117.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Finally, Citigroup restated a "buy" rating and issued a $117.00 price target (up from $113.00) on shares of SouthState in a report on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $117.08.

SouthState Stock Up 1.0%

SouthState stock opened at $101.15 on Monday. The firm has a market capitalization of $10.24 billion, a price-to-earnings ratio of 14.53 and a beta of 0.74. The firm's fifty day moving average price is $98.61 and its two-hundred day moving average price is $92.86. SouthState Co. has a 1-year low of $77.74 and a 1-year high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

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

SouthState Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a $0.60 dividend. This is a boost from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, August 8th. SouthState's dividend payout ratio is 35.77%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.