SouthState Co. (NASDAQ:SSB) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its position in SouthState Co. (NASDAQ:SSB) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 325,976 shares of the bank’s stock after selling 2,147 shares during the period. New York State Common Retirement Fund owned approximately 0.43% of SouthState worth $27,529,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wedge Capital Management L L P NC grew its position in SouthState by 6.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 132,862 shares of the bank’s stock valued at $11,220,000 after buying an additional 7,543 shares in the last quarter. Nicholas Hoffman & Company LLC. grew its position in SouthState by 0.7% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock valued at $1,606,000 after buying an additional 131 shares in the last quarter. Xponance Inc. grew its position in SouthState by 2.3% in the 4th quarter. Xponance Inc. now owns 11,183 shares of the bank’s stock valued at $944,000 after buying an additional 252 shares in the last quarter. Federated Hermes Inc. grew its position in SouthState by 14.9% in the 4th quarter. Federated Hermes Inc. now owns 69,209 shares of the bank’s stock valued at $5,845,000 after buying an additional 8,985 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in SouthState by 6.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,768 shares of the bank’s stock valued at $1,332,000 after buying an additional 987 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Performance

NASDAQ:SSB opened at $77.89 on Friday. SouthState Co. has a twelve month low of $59.51 and a twelve month high of $87.77. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average of $81.55 and a 200-day moving average of $78.81. The firm has a market cap of $5.94 billion, a price-to-earnings ratio of 12.15 and a beta of 0.74.

SouthState (NASDAQ:SSB) last announced its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.55 by $0.03. SouthState had a net margin of 20.91% and a return on equity of 9.32%. The company had revenue of $415.49 million during the quarter, compared to analysts’ expectations of $414.32 million. During the same period last year, the company posted $1.93 earnings per share. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. Analysts forecast that SouthState Co. will post 6.51 earnings per share for the current fiscal year.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, May 9th. SouthState’s payout ratio is 33.93%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SSB shares. UBS Group increased their target price on shares of SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Truist Financial decreased their target price on shares of SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Raymond James lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. Finally, DA Davidson restated a “buy” rating and set a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $87.80.

Insiders Place Their Bets

In other SouthState news, 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 completion of the transaction, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, COO Renee R. Brooks sold 4,025 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $85.62, for a total value of $344,620.50. Following the completion of the sale, the chief operating officer now directly owns 31,747 shares of the company’s stock, valued at $2,718,178.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the completion of the sale, 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. Insiders sold a total of 11,925 shares of company stock worth $988,686 over the last ninety days. 1.26% of the stock is currently owned by company insiders.

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.