Hsbc Holdings PLC Has $440,000 Stake in SouthState Co. (NASDAQ:SSB)

Hsbc Holdings PLC cut its position in SouthState Co. (NASDAQ:SSB) by 26.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,757 shares of the bank’s stock after selling 2,070 shares during the quarter. Hsbc Holdings PLC’s holdings in SouthState were worth $440,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Parallel Advisors LLC grew its holdings in shares of SouthState by 544.0% during the 4th quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock valued at $27,000 after purchasing an additional 272 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in SouthState during the 1st quarter worth approximately $30,000. TFO Wealth Partners LLC grew its stake in shares of SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after acquiring an additional 333 shares during the period. Finally, Innealta Capital LLC bought a new position in SouthState during the 2nd quarter worth approximately $133,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Trading Down 3.2 %

SSB opened at $94.06 on Wednesday. SouthState Co. has a fifty-two week low of $63.36 and a fifty-two week high of $102.82. The firm has a market capitalization of $7.17 billion, a PE ratio of 15.37 and a beta of 0.67. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The company’s 50-day moving average is $94.28 and its 200 day moving average is $84.23.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm had revenue of $425.48 million for the quarter, compared to the consensus estimate of $418.08 million. During the same period in the previous year, the firm earned $1.63 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, research analysts predict that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 9th were issued a $0.54 dividend. The ex-dividend date was Friday, August 9th. This is a positive change from SouthState’s previous quarterly dividend of $0.23. This represents a $2.16 annualized dividend and a dividend yield of 2.30%. SouthState’s dividend payout ratio is currently 35.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SSB shares. Keefe, Bruyette & Woods boosted their price target on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. DA Davidson increased their target price on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Truist Financial lifted their price target on shares of SouthState from $109.00 to $111.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Hovde Group increased their price objective on shares of SouthState from $97.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Stephens boosted their target price on SouthState from $88.00 to $101.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $103.00.

Insider Activity at SouthState

In other news, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now directly owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO William E. V. Matthews sold 5,000 shares of the company’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 value of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at $3,696,400. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction 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 transaction, the insider now directly owns 33,328 shares of the company’s stock, valued at $3,332,800. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.

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.