SouthState Co. (NASDAQ:SSB) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC increased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 6.0% in the fourth quarter, Holdings Channel reports. The firm owned 132,862 shares of the bank’s stock after buying an additional 7,543 shares during the period. Wedge Capital Management L L P NC’s holdings in SouthState were worth $11,220,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SSB. Covestor Ltd grew its position 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 acquiring an additional 214 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of SouthState by 8,346.7% in the 4th quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock valued at $107,000 after buying an additional 1,252 shares during the period. UMB Bank n.a. lifted its stake in SouthState by 216.5% during the third quarter. UMB Bank n.a. now owns 1,880 shares of the bank’s stock worth $127,000 after purchasing an additional 1,286 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake 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 during the last quarter. Finally, Abacus Planning Group Inc. purchased a new stake in SouthState during the fourth quarter worth approximately $203,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Price Performance

SSB traded up $0.40 during trading on Tuesday, reaching $79.65. 40,018 shares of the stock were exchanged, compared to its average volume of 409,262. The business’s 50 day moving average price is $81.68 and its two-hundred day moving average price is $78.72. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of 12.26 and a beta of 0.74. SouthState Co. has a 1 year low of $59.51 and a 1 year high of $87.77.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, January 25th. The bank reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.13. The business had revenue of $419.72 million for the quarter, compared to analyst estimates of $419.08 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%. As a group, equities research analysts anticipate that SouthState Co. will post 6.51 earnings per share for the current year.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Friday, February 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date was Thursday, February 8th. SouthState’s payout ratio is 32.20%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. UBS Group upped their price objective on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. DA Davidson reaffirmed 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, Truist Financial dropped their price objective on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $87.80.

Insider Transactions at SouthState

In related news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $4,826,530.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Daniel E. Bockhorst sold 3,000 shares of the business’s 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 transaction, the insider now owns 35,828 shares in the company, valued at approximately $2,902,068. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction that occurred 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 transaction, the president now owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Insiders have sold a total of 11,925 shares of company stock worth $988,686 in the last three months. 1.70% of the stock is currently owned by company insiders.

SouthState 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.