Nicholas Hoffman & Company LLC. Cuts Stock Position in SouthState Co. (NASDAQ:SSB)

Nicholas Hoffman & Company LLC. trimmed its position in shares of SouthState Co. (NASDAQ:SSB) by 16.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,054 shares of the bank’s stock after selling 3,205 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in SouthState were worth $1,560,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SSB. SageView Advisory Group LLC acquired a new stake in SouthState in the first quarter valued at approximately $879,000. BNP Paribas Financial Markets boosted its position in shares of SouthState by 82.5% in the 1st quarter. BNP Paribas Financial Markets now owns 42,345 shares of the bank’s stock worth $3,601,000 after purchasing an additional 19,138 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in SouthState by 107.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,006 shares of the bank’s stock worth $1,616,000 after buying an additional 9,843 shares during the last quarter. Entropy Technologies LP acquired a new position in SouthState during the 1st quarter valued at about $562,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in SouthState by 234.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock valued at $2,003,000 after buying an additional 18,374 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SSB. Stephens upped their price objective on shares of SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday. DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Citigroup initiated coverage on shares of SouthState in a research note on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Hovde Group upped their target price on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Piper Sandler lifted their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $104.00.

SouthState Price Performance

Shares of SSB opened at $98.23 on Wednesday. The business’s 50-day moving average is $96.48 and its two-hundred day moving average is $86.49. The company has a market capitalization of $7.48 billion, a P/E ratio of 16.02 and a beta of 0.67. SouthState Co. has a fifty-two week low of $65.18 and a fifty-two week high of $103.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState (NASDAQ:SSB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a return on equity of 9.31% and a net margin of 20.84%. The firm had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period last year, the company earned $1.62 earnings per share. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. Research analysts predict that SouthState Co. will post 6.69 earnings per share for the current year.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s dividend payout ratio is currently 35.24%.

Insider Buying and Selling

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now owns 33,328 shares in the company, valued at approximately $3,332,800. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Daniel E. Bockhorst sold 2,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 directly owns 36,964 shares of the company’s stock, valued at approximately $3,696,400. The trade was a 0.00 % 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 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.