SouthState Co. $SSB Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC cut its holdings in SouthState Co. by 41.7%, now owning 9,965 shares valued at approximately $917,000.
• SouthState recently increased its quarterly dividend to $0.60, offering an annualized dividend yield of 2.4%, which was an increase from the previous $0.54.
• The company's Earnings Per Share (EPS) for the last quarter topped analysts' estimates at $2.30, significantly higher than the consensus estimate of $1.98.

HB Wealth Management LLC lessened its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 41.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,965 shares of the bank's stock after selling 7,118 shares during the period. HB Wealth Management LLC's holdings in SouthState were worth $917,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity at SouthState

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

SouthState Trading Up 1.4%

SSB opened at $99.37 on Friday. SouthState Co. has a one year low of $77.74 and a one year high of $114.26. The company has a market cap of $10.06 billion, a P/E ratio of 14.28 and a beta of 0.68. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The business's 50-day simple moving average is $98.71 and its 200-day simple moving average is $93.07.

SouthState (NASDAQ:SSB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The bank reported $2.30 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $645.12 million. During the same quarter in the prior year, the business posted $1.74 EPS. As a group, equities research analysts expect that SouthState Co. will post 8.12 EPS for the current fiscal year.

SouthState Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a $0.60 dividend. 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. This is an increase from SouthState's previous quarterly dividend of $0.54. SouthState's dividend payout ratio (DPR) is currently 35.77%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Cowen assumed coverage on SouthState in a report on Wednesday, September 24th. They issued a "buy" rating on the stock. Citigroup restated a "buy" rating and set a $117.00 price target (up previously from $113.00) on shares of SouthState in a report on Monday, July 28th. National Bankshares set a $127.00 price target on SouthState in a report on Wednesday, September 24th. Hovde Group upped their price target on SouthState from $97.00 to $105.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Finally, DA Davidson upped their price target on SouthState from $115.00 to $117.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $117.08.

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.

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