Trust Point Inc. Sells 3,472 Shares of SouthState Co. $SSB

Key Points

• Trust Point Inc. has reduced its stake in SouthState Co. by 39.7%, selling 3,472 shares and now holds 5,266 shares worth approximately $485,000.
• SouthState recently increased its quarterly dividend from $0.54 to $0.60 per share, representing a yield of 2.4%.
• Brokerages have raised their price targets for SouthState, with Barclays and Hovde Group setting new targets of $120.00 and $105.00, respectively, indicating continued bullish sentiment.

Trust Point Inc. trimmed its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 39.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,266 shares of the bank's stock after selling 3,472 shares during the quarter. Trust Point Inc.'s holdings in SouthState were worth $485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of SSB. Rise Advisors LLC bought a new position in SouthState in the 1st quarter valued at about $33,000. Flaharty Asset Management LLC bought a new stake in SouthState during the 1st quarter valued at $45,000. Versant Capital Management Inc grew its position in SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $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% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after buying an additional 378 shares during the last quarter. Finally, Summit Securities Group LLC boosted its stake in 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 in the last quarter. Institutional investors own 89.76% of the company's stock.

SouthState Stock Up 1.5%

NASDAQ:SSB traded up $1.49 during trading hours on Tuesday, hitting $101.53. 95,334 shares of the company traded hands, compared to its average volume of 907,015. The company has a market cap of $10.28 billion, a PE ratio of 14.61 and a beta of 0.74. SouthState Co. has a one year low of $77.74 and a one year high of $114.26. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm's 50-day simple moving average is $98.29 and its 200-day simple moving average is $92.57.

SouthState (NASDAQ:SSB - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.98 by $0.32. The business had revenue of $840.50 million for the quarter, compared to analyst estimates of $645.12 million. SouthState had a return on equity of 9.62% and a net margin of 22.38%.During the same period in the prior year, the company earned $1.74 EPS. Equities analysts predict that SouthState Co. will post 8.12 earnings per share for the current 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 given a $0.60 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from SouthState's previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState's dividend payout ratio (DPR) is presently 35.77%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Citigroup restated a "buy" rating and set a $117.00 price objective (up from $113.00) on shares of SouthState in a research report on Monday, July 28th. Barclays boosted their price target on SouthState from $117.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Hovde Group raised their target price on SouthState from $97.00 to $105.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Finally, DA Davidson boosted 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. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, SouthState currently has an average rating of "Buy" and an average target price of $115.27.

Insider Buying and Selling at SouthState

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

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.