SouthState Co. (NASDAQ:SSB) Holdings Reduced by Hantz Financial Services Inc.

Hantz Financial Services Inc. lowered its position in SouthState Co. (NASDAQ:SSB) by 4.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,949 shares of the bank’s stock after selling 1,711 shares during the quarter. Hantz Financial Services Inc. owned about 0.05% of SouthState worth $3,785,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock worth $254,394,000 after acquiring an additional 371,987 shares during the period. Victory Capital Management Inc. lifted its position in SouthState by 1.6% in the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock worth $214,157,000 after purchasing an additional 45,176 shares during the period. American Century Companies Inc. increased its position in shares of SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock valued at $128,831,000 after purchasing an additional 39,492 shares during the period. Earnest Partners LLC raised its stake in shares of SouthState by 2.8% in the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock worth $114,197,000 after buying an additional 40,879 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of SouthState by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock worth $87,464,000 after buying an additional 21,160 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Performance

Shares of SouthState stock opened at $110.69 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The business has a fifty day simple moving average of $101.45 and a 200-day simple moving average of $90.98. The stock has a market cap of $8.44 billion, a PE ratio of 17.08 and a beta of 0.66.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm had revenue of $426.41 million during the quarter, compared to analyst estimates of $429.47 million. During the same period last year, the firm posted $1.62 EPS. The business’s revenue was down .4% compared to the same quarter last year. On average, sell-side analysts anticipate that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 1.95%. SouthState’s payout ratio is 33.33%.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the transaction, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on SSB shares. Truist Financial lowered their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Stephens raised their price objective on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Citigroup started coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Piper Sandler raised their target price on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, SouthState has a consensus rating of “Hold” and an average target price of $105.11.

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.