SouthState Co. (NASDAQ:SSB) Position Reduced by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,790,154 shares of the bank's stock after selling 94,478 shares during the quarter. Victory Capital Management Inc. owned approximately 3.67% of SouthState worth $235,629,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in shares of SouthState by 4.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,187,264 shares of the bank's stock worth $79,974,000 after purchasing an additional 49,472 shares during the period. Charles Schwab Investment Management Inc. increased its position in SouthState by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 979,859 shares of the bank's stock worth $66,003,000 after buying an additional 14,153 shares during the last quarter. New York State Common Retirement Fund increased its position in SouthState by 0.9% during the third quarter. New York State Common Retirement Fund now owns 328,123 shares of the bank's stock worth $22,102,000 after buying an additional 2,920 shares during the last quarter. Sei Investments Co. increased its position in SouthState by 5.4% during the third quarter. Sei Investments Co. now owns 286,177 shares of the bank's stock worth $19,277,000 after buying an additional 14,688 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of SouthState by 0.7% in the third quarter. Rhumbline Advisers now owns 261,994 shares of the bank's stock valued at $17,648,000 after purchasing an additional 1,818 shares during the last quarter. Institutional investors own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SSB. Piper Sandler reduced their price target on SouthState from $98.00 to $95.00 and set an "overweight" rating on the stock in a research report on Monday. DA Davidson restated a "buy" rating and set a $102.00 target price (up from $96.00) on shares of SouthState in a research note on Monday, January 29th. Raymond James cut SouthState from an "outperform" rating to a "market perform" rating in a research note on Friday, January 5th. Truist Financial cut their target price on SouthState from $89.00 to $84.00 and set a "hold" rating for the company in a research note on Monday. Finally, UBS Group upped their target price on SouthState from $88.00 to $90.00 and gave the stock a "neutral" rating in a research note on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $88.17.

Insider Activity at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of the business's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the transaction, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Richard Iv Murray sold 4,900 shares of the company's stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the transaction, the president now directly owns 58,968 shares of the company's stock, valued at $4,826,530.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the company's stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.00, for a total transaction of $243,000.00. Following the transaction, the insider now directly owns 35,828 shares of the company's stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

SouthState Stock Up 1.3 %

Shares of SSB traded up $0.99 during trading hours on Thursday, hitting $78.27. The stock had a trading volume of 340,401 shares, compared to its average volume of 419,062. SouthState Co. has a 1-year low of $59.51 and a 1-year high of $87.77. The firm has a market capitalization of $5.97 billion, a P/E ratio of 12.78 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $80.95 and a 200-day simple moving average of $79.14.

SouthState (NASDAQ:SSB - Get Free Report) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business had revenue of $415.49 million for the quarter, compared to analysts' expectations of $414.32 million. During the same quarter last year, the firm earned $1.93 EPS. The firm's revenue for the quarter was down 8.2% compared to the same quarter last year. Sell-side analysts predict that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be given a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 2.66%. SouthState's payout ratio is 33.93%.

SouthState Company 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.