California Public Employees Retirement System Cuts Stock Holdings in SouthState Co. (NASDAQ:SSB)

California Public Employees Retirement System decreased its position in shares of SouthState Co. (NASDAQ:SSBGet Rating) by 2.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 153,695 shares of the bank’s stock after selling 3,312 shares during the period. California Public Employees Retirement System’s holdings in SouthState were worth $12,540,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SSB. Janney Montgomery Scott LLC grew its holdings in shares of SouthState by 54.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 14,003 shares of the bank’s stock valued at $1,122,000 after buying an additional 4,911 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of SouthState during the fourth quarter valued at approximately $332,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of SouthState by 22.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,647 shares of the bank’s stock valued at $693,000 after buying an additional 1,591 shares during the last quarter. Cim Investment Management Inc. boosted its holdings in SouthState by 100.0% in the fourth quarter. Cim Investment Management Inc. now owns 5,574 shares of the bank’s stock worth $431,000 after purchasing an additional 2,787 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust boosted its holdings in SouthState by 27.2% in the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 87,961 shares of the bank’s stock worth $7,047,000 after purchasing an additional 18,820 shares during the last quarter. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Insider Buying and Selling at SouthState

In other SouthState news, insider Douglas Lloyd Williams sold 18,666 shares of SouthState stock in a transaction on Friday, July 29th. The shares were sold at an average price of $85.06, for a total value of $1,587,729.96. Following the sale, the insider now directly owns 70,603 shares in the company, valued at approximately $6,005,491.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SouthState news, insider Douglas Lloyd Williams sold 18,666 shares of SouthState stock in a transaction on Friday, July 29th. The shares were sold at an average price of $85.06, for a total value of $1,587,729.96. Following the completion of the transaction, the insider now directly owns 70,603 shares of the company’s stock, valued at approximately $6,005,491.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Greg A. Lapointe sold 304 shares of SouthState stock in a transaction on Monday, August 1st. The stock was sold at an average price of $82.99, for a total transaction of $25,228.96. Following the completion of the transaction, the insider now directly owns 24,680 shares of the company’s stock, valued at $2,048,193.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,120 shares of company stock worth $1,708,409. Insiders own 1.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SSB. Truist Financial raised their target price on shares of SouthState from $90.00 to $97.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Keefe, Bruyette & Woods upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $94.00 to $100.00 in a research note on Thursday, June 2nd. StockNews.com upgraded shares of SouthState from a “sell” rating to a “hold” rating in a research note on Monday, August 1st. Raymond James decreased their price objective on shares of SouthState from $93.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 7th. Finally, DA Davidson decreased their price objective on shares of SouthState to $91.00 and set a “na” rating on the stock in a research report on Monday, May 16th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

SouthState Stock Up 1.0 %

Shares of SSB stock opened at $82.22 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 13.22 and a beta of 0.81. The company’s fifty day moving average price is $78.58 and its 200-day moving average price is $80.98. SouthState Co. has a one year low of $62.60 and a one year high of $93.34.

SouthState (NASDAQ:SSBGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.09. The company had revenue of $383.29 million for the quarter, compared to the consensus estimate of $390.97 million. SouthState had a net margin of 30.18% and a return on equity of 10.04%. SouthState’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.87 EPS. Sell-side analysts expect that SouthState Co. will post 7.05 EPS for the current fiscal year.

SouthState Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Shareholders of record on Friday, August 12th will be issued a $0.50 dividend. This is an increase from SouthState’s previous quarterly dividend of $0.49. This represents a $2.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Thursday, August 11th. SouthState’s payout ratio is currently 31.51%.

About SouthState

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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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

Further Reading

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Co. (NASDAQ:SSBGet Rating).

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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