SouthState Co. (NASDAQ:SSB) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC cut its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 773,463 shares of the bank's stock after selling 127,763 shares during the period. Fisher Asset Management LLC owned approximately 1.02% of SouthState worth $65,319,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd grew its holdings in shares of SouthState by 50.5% in the third quarter. Covestor Ltd now owns 638 shares of the bank's stock worth $43,000 after purchasing an additional 214 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank's stock worth $107,000 after acquiring an additional 1,252 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of SouthState by 10.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank's stock valued at $190,000 after buying an additional 205 shares in the last quarter. Abacus Planning Group Inc. acquired a new stake in SouthState in the 4th quarter worth about $203,000. Finally, Builder Investment Group Inc. ADV acquired a new position in SouthState during the fourth quarter worth about $205,000. 89.76% of the stock is currently owned by institutional investors.

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

SouthState Stock Up 0.4 %

SSB traded up $0.32 during trading hours on Friday, reaching $78.57. 284,971 shares of the stock traded hands, compared to its average volume of 449,337. SouthState Co. has a fifty-two week low of $59.51 and a fifty-two week high of $87.77. The firm's fifty day simple moving average is $80.78 and its two-hundred day simple moving average is $79.27. 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 company has a market cap of $5.99 billion, a price-to-earnings ratio of 12.82 and a beta of 0.75.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The company had revenue of $415.49 million for the quarter, compared to analysts' expectations of $414.32 million. During the same period in the prior year, the company earned $1.93 earnings per share. The firm's revenue was down 8.2% compared to the same quarter last year. As a group, analysts forecast that SouthState Co. will post 6.37 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 2.65%. SouthState's payout ratio is 33.93%.

Analyst Ratings Changes

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

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.