SouthState Co. (NASDAQ:SSB) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets cut its stake in SouthState Co. (NASDAQ:SSB) by 40.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,207 shares of the bank’s stock after selling 15,644 shares during the quarter. BNP Paribas Financial Markets’ holdings in SouthState were worth $1,960,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its position in shares of SouthState by 1.2% in the third quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock valued at $194,309,000 after acquiring an additional 35,291 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of SouthState by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,005,187 shares of the bank’s stock worth $84,888,000 after purchasing an additional 25,328 shares during the period. New York State Common Retirement Fund grew its stake in shares of SouthState by 0.9% in the third quarter. New York State Common Retirement Fund now owns 328,123 shares of the bank’s stock valued at $22,102,000 after buying an additional 2,920 shares in the last quarter. Sei Investments Co. grew its position in SouthState by 5.4% in the 3rd quarter. Sei Investments Co. now owns 286,177 shares of the bank’s stock valued at $19,277,000 after acquiring an additional 14,688 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in SouthState by 0.7% during the 3rd quarter. Rhumbline Advisers now owns 261,994 shares of the bank’s stock worth $17,648,000 after buying an additional 1,818 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SSB shares. Raymond James upgraded SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a report on Tuesday. UBS Group upped their price target on SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. DA Davidson restated a “buy” rating and issued a $102.00 price objective (up previously from $96.00) on shares of SouthState in a research report on Monday, January 29th. Piper Sandler decreased their target price on shares of SouthState from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Finally, Truist Financial lowered their price target on SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a report on Monday, April 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $89.83.

SouthState Trading Up 1.3 %

Shares of SSB stock opened at $77.19 on Friday. The firm has a 50-day moving average price of $79.93 and a 200 day moving average price of $80.51. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 12.59 and a beta of 0.75. SouthState Co. has a twelve month low of $62.09 and a twelve month high of $87.77.

SouthState (NASDAQ:SSB) last released its earnings results on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.55 by $0.03. SouthState had a return on equity of 9.24% and a net margin of 20.91%. The firm had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. During the same period in the prior year, the firm posted $1.93 earnings per share. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. Research analysts forecast that SouthState Co. will post 6.33 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 10th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Thursday, May 9th. SouthState’s payout ratio is currently 33.93%.

Insider Activity

In other news, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on 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 sale, the insider now owns 35,828 shares in the company, valued at $2,902,068. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Richard Iv Murray sold 4,900 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total transaction of $401,065.00. Following the completion of the sale, the president now owns 58,968 shares in the company, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

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.