Black Diamond Financial LLC Sells 1,687 Shares of SouthState Co. (NASDAQ:SSB)

Black Diamond Financial LLC trimmed its holdings in shares of SouthState Co. (NASDAQ:SSB) by 26.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,704 shares of the bank’s stock after selling 1,687 shares during the period. Black Diamond Financial LLC’s holdings in SouthState were worth $457,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in SouthState by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after acquiring an additional 371,987 shares during the period. Jupiter Asset Management Ltd. increased its position in shares of SouthState by 270.2% during the first quarter. Jupiter Asset Management Ltd. now owns 353,700 shares of the bank’s stock valued at $30,075,000 after buying an additional 258,168 shares during the period. F M Investments LLC bought a new stake in shares of SouthState during the second quarter valued at about $7,303,000. Renaissance Technologies LLC bought a new stake in shares of SouthState during the second quarter valued at about $4,829,000. Finally, Victory Capital Management Inc. increased its position in shares of SouthState by 1.6% during the second quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after buying an additional 45,176 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were 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 of the company’s stock, valued at $3,696,400. The trade was 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 owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Citigroup started coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. DA Davidson boosted their price objective on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Stephens boosted their price objective on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $105.11.

SouthState Price Performance

Shares of SouthState stock opened at $106.49 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The company has a market cap of $8.12 billion, a PE ratio of 15.40 and a beta of 0.66. The business has a 50 day moving average of $98.68 and a 200 day moving average of $88.67. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $113.14.

SouthState (NASDAQ:SSB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.26. The company had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. As a group, equities research analysts forecast that SouthState Co. will post 6.92 earnings per share for the current year.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 8th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a yield of 2.03%. SouthState’s dividend payout ratio (DPR) is 33.33%.

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.