Swiss National Bank Sells 17,200 Shares of SouthState Co. (NASDAQ:SSB)

Swiss National Bank reduced its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 10.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 149,737 shares of the bank's stock after selling 17,200 shares during the period. Swiss National Bank owned approximately 0.20% of SouthState worth $12,645,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of SSB. Covestor Ltd increased its stake in SouthState by 50.5% in the 3rd quarter. Covestor Ltd now owns 638 shares of the bank's stock valued at $43,000 after buying an additional 214 shares during the period. International Assets Investment Management LLC increased its stake in shares of SouthState by 8,346.7% during 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 raised its holdings in SouthState by 10.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank's stock worth $190,000 after purchasing an additional 205 shares in the last quarter. Abacus Planning Group Inc. acquired a new stake in SouthState in the fourth quarter valued at about $203,000. Finally, Builder Investment Group Inc. ADV purchased a new stake in SouthState in the 4th quarter valued at approximately $205,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on SSB. UBS Group upped their target price on shares of SouthState from $88.00 to $90.00 and gave the stock a "neutral" rating in a research report on Monday, January 29th. Truist Financial reduced their price objective on SouthState from $89.00 to $84.00 and set a "hold" rating for the company in a report on Monday, April 29th. Piper Sandler lowered their target price on SouthState from $98.00 to $95.00 and set an "overweight" rating on the stock in a report on Monday, April 29th. Finally, DA Davidson reaffirmed a "buy" rating and set a $102.00 price target (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, SouthState presently has a consensus rating of "Hold" and a consensus price target of $88.17.

SouthState Stock Up 0.7 %

NASDAQ:SSB traded up $0.53 during mid-day trading on Friday, hitting $81.16. The company had a trading volume of 280,987 shares, compared to its average volume of 440,775. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05. SouthState Co. has a 1 year low of $59.84 and a 1 year high of $87.77. The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 13.24 and a beta of 0.75. The business has a fifty day simple moving average of $80.56 and a 200-day simple moving average of $79.88.

SouthState (NASDAQ:SSB - Get Free Report) last announced its 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 during the quarter, compared to the consensus estimate of $414.32 million. During the same period in the prior year, the firm earned $1.93 earnings per share. The business's quarterly revenue was down 8.2% compared to the same quarter last year. Equities analysts forecast that SouthState Co. will post 6.37 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.56%. SouthState's dividend payout ratio (DPR) is presently 33.93%.

Insider Activity at SouthState

In related 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 completion of 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 filing with the SEC, which can be accessed through this link. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the 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 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState 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 completion of 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 currently owned by corporate insiders.

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.