New York State Common Retirement Fund Sells 2,147 Shares of SouthState Co. (NASDAQ:SSB)

New York State Common Retirement Fund lowered its stake in shares of SouthState Co. (NASDAQ:SSB) by 0.7% during the fourth quarter, HoldingsChannel reports. The firm owned 325,976 shares of the bank’s stock after selling 2,147 shares during the quarter. New York State Common Retirement Fund’s holdings in SouthState were worth $27,529,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Nicholas Hoffman & Company LLC. raised its stake in shares of SouthState by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock worth $1,606,000 after purchasing an additional 131 shares in the last quarter. Sheets Smith Wealth Management raised its stake in shares of SouthState by 3.0% during the 3rd quarter. Sheets Smith Wealth Management now owns 5,863 shares of the bank’s stock worth $395,000 after purchasing an additional 171 shares in the last quarter. AlphaMark Advisors LLC raised its stake in SouthState by 5.1% in the 4th quarter. AlphaMark Advisors LLC now owns 3,608 shares of the bank’s stock valued at $305,000 after acquiring an additional 175 shares during the period. Red Spruce Capital LLC raised its stake in SouthState by 0.6% in the 4th quarter. Red Spruce Capital LLC now owns 29,465 shares of the bank’s stock valued at $2,488,000 after acquiring an additional 179 shares during the period. Finally, Prospector Partners LLC raised its stake in SouthState by 0.3% in the 3rd quarter. Prospector Partners LLC now owns 76,197 shares of the bank’s stock valued at $5,133,000 after acquiring an additional 200 shares during the period. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the topic of a number of research analyst reports. Raymond James cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Friday, January 5th. DA Davidson restated a “buy” rating and issued a $102.00 price target (up previously from $96.00) on shares of SouthState in a research note on Monday, January 29th. UBS Group increased their price target on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Finally, Truist Financial dropped their price target on SouthState from $90.00 to $89.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $87.80.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $77.89 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. The stock’s fifty day moving average price is $81.55 and its two-hundred day moving average price is $78.81. SouthState Co. has a one year low of $59.51 and a one year high of $87.77. The firm has a market cap of $5.94 billion, a price-to-earnings ratio of 12.15 and a beta of 0.74.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. SouthState had a return on equity of 9.32% and a net margin of 20.91%. The firm had revenue of $415.49 million for the quarter, compared to analyst estimates of $414.32 million. During the same period in the prior year, the firm posted $1.93 EPS. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. On average, equities analysts forecast that SouthState Co. will post 6.51 EPS for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Thursday, May 9th. SouthState’s dividend payout ratio is 33.93%.

Insider Transactions at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now directly owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, President Richard Iv Murray sold 4,900 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.85, for a total transaction of $401,065.00. Following the sale, the president now directly owns 58,968 shares of the company’s stock, valued at approximately $4,826,530.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total value of $243,000.00. Following the sale, the insider now directly owns 35,828 shares in the company, valued at $2,902,068. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,925 shares of company stock valued at $988,686. 1.26% of the stock is owned by corporate insiders.

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.