SouthState Co. (NASDAQ:SSB) Shares Acquired by Citigroup Inc.

Citigroup Inc. increased its position in SouthState Co. (NASDAQ:SSB) by 4.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 213,175 shares of the bank’s stock after purchasing an additional 9,693 shares during the period. Citigroup Inc.’s holdings in SouthState were worth $20,716,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Waldron Private Wealth LLC bought a new position in SouthState during the 3rd quarter worth approximately $35,000. GAMMA Investing LLC lifted its stake in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares during the last quarter. UMB Bank n.a. boosted its holdings in SouthState by 53.9% in the third quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in SouthState during the second quarter valued at $97,000. Finally, Innealta Capital LLC acquired a new stake in shares of SouthState during the second quarter worth $133,000. 89.76% of the stock is owned by institutional investors.

SouthState Trading Down 0.7 %

NASDAQ:SSB opened at $111.18 on Wednesday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.26. The business has a fifty day moving average of $100.53 and a 200-day moving average of $90.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of 17.16 and a beta of 0.66.

SouthState (NASDAQ:SSB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating the consensus estimate of $1.64 by $0.26. The firm had revenue of $426.41 million for the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a net margin of 21.24% and a return on equity of 9.41%. SouthState’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the company earned $1.62 EPS. Equities analysts predict that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 1.94%. SouthState’s dividend payout ratio (DPR) is 33.33%.

Insider Buying and Selling at SouthState

In related news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The trade was a 6.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SSB. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial decreased their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Stephens boosted their price objective on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Piper Sandler increased their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $105.11.

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.