SouthState Co. (NASDAQ:SSB) Shares Sold by Boston Partners

Boston Partners decreased its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 427,031 shares of the bank's stock after selling 14,974 shares during the period. Boston Partners owned 0.56% of SouthState worth $36,005,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky increased its position in SouthState by 44.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 50,684 shares of the bank's stock worth $3,413,000 after purchasing an additional 15,599 shares during the period. Versor Investments LP bought a new stake in shares of SouthState during the third quarter worth approximately $424,000. Charles Schwab Investment Management Inc. lifted its holdings in SouthState by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,005,187 shares of the bank's stock valued at $84,888,000 after buying an additional 25,328 shares during the period. BIP Wealth LLC acquired a new stake in SouthState during the 4th quarter worth $430,000. Finally, Envestnet Asset Management Inc. grew its holdings in SouthState by 112.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 143,844 shares of the bank's stock worth $9,689,000 after acquiring an additional 76,153 shares during the period. Institutional investors own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SSB shares. 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, April 29th. Truist Financial cut their price target on shares of SouthState from $89.00 to $84.00 and set a "hold" rating on the stock in a research report on Monday, April 29th. DA Davidson restated a "buy" rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a report on Monday, January 29th. Finally, UBS Group increased their target price on shares of SouthState from $88.00 to $90.00 and gave the stock a "neutral" rating in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $88.17.

SouthState Stock Up 0.4 %

SSB stock traded up $0.31 during mid-day trading on Wednesday, hitting $81.39. 287,522 shares of the company were exchanged, compared to its average volume of 409,119. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.89 and a current ratio of 0.90. SouthState Co. has a 1-year low of $60.12 and a 1-year high of $87.77. The firm's 50 day simple moving average is $80.39 and its 200 day simple moving average is $80.10. The firm has a market cap of $6.20 billion, a P/E ratio of 13.28 and a beta of 0.75.

SouthState (NASDAQ:SSB - Get Free Report) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.55 by $0.03. The business had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The firm's quarterly revenue was down 8.2% on a year-over-year basis. During the same period last year, the business posted $1.93 earnings per share. On average, sell-side analysts predict that SouthState Co. will post 6.37 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.56%. SouthState's dividend payout ratio is currently 33.93%.

Insider Buying and Selling

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 value of $401,065.00. Following the sale, the president now 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 the SEC website. In related news, President Richard Iv Murray sold 4,900 shares of SouthState 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 sale, the president now owns 58,968 shares of the company's stock, valued at $4,826,530.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction that occurred on 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 directly owns 35,828 shares of the company's stock, valued at $2,902,068. The disclosure for this sale can be found here. 1.70% of the stock is 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.