SouthState Co. (NASDAQ:SSB) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its stake in shares of SouthState Co. (NASDAQ:SSB) by 5.6% during the 3rd quarter, Holdings Channel reports. The fund owned 41,186 shares of the bank’s stock after selling 2,434 shares during the quarter. Mutual of America Capital Management LLC’s holdings in SouthState were worth $4,002,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Citigroup assumed coverage on SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price on the stock. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, Stephens lifted their price objective on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $105.11.

SouthState Trading Up 1.9 %

Shares of NASDAQ SSB opened at $106.83 on Friday. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $113.14. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $99.67 and a 200-day simple moving average of $89.53. The stock has a market capitalization of $8.15 billion, a PE ratio of 16.52 and a beta of 0.66.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The business had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the previous year, the firm posted $1.62 earnings per share. The company’s revenue was down .4% on a year-over-year basis. On average, equities analysts forecast that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.02%. SouthState’s payout ratio is presently 33.33%.

Insider Activity at SouthState

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction dated 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 $3,332,800. The trade was a 6.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 11.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.

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.