Sheets Smith Wealth Management Sells 173 Shares of SouthState Co. (NASDAQ:SSB)

Sheets Smith Wealth Management cut its holdings in SouthState Co. (NASDAQ:SSB) by 3.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,690 shares of the bank’s stock after selling 173 shares during the period. Sheets Smith Wealth Management’s holdings in SouthState were worth $481,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SSB. Covestor Ltd lifted its position in shares of SouthState by 50.5% during the third quarter. Covestor Ltd now owns 638 shares of the bank’s stock worth $43,000 after purchasing an additional 214 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of SouthState by 8,346.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank’s stock worth $107,000 after acquiring an additional 1,252 shares during the period. Nisa Investment Advisors LLC increased its position in shares of SouthState by 10.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after acquiring an additional 205 shares during the period. Abacus Planning Group Inc. bought a new stake in shares of SouthState during the fourth quarter valued at approximately $203,000. Finally, Builder Investment Group Inc. ADV purchased a new stake in shares of SouthState in the fourth quarter valued at approximately $205,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Stock Up 2.1 %

Shares of SSB stock traded up $1.66 during mid-day trading on Monday, hitting $80.23. 169,082 shares of the stock traded hands, compared to its average volume of 414,498. SouthState Co. has a 52-week low of $59.84 and a 52-week high of $87.77. The stock has a market cap of $6.12 billion, a P/E ratio of 12.99 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.89 and a quick ratio of 0.89. The stock’s fifty day moving average is $80.78 and its two-hundred day moving average is $79.34.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.55 by $0.03. The firm had revenue of $415.49 million during the quarter, compared to analyst estimates of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. SouthState’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.93 EPS. Equities analysts predict that SouthState Co. will post 6.37 EPS for the current year.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.59%. SouthState’s dividend payout ratio is presently 33.93%.

Insider Transactions at SouthState

In other news, President Richard Iv Murray sold 4,900 shares of the business’s stock in a transaction dated 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 owns 58,968 shares in the company, valued at $4,826,530.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SouthState news, President Richard Iv Murray sold 4,900 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $81.85, for a total value of $401,065.00. Following the completion of the transaction, the president now owns 58,968 shares of the company’s stock, valued at $4,826,530.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Daniel E. Bockhorst sold 3,000 shares of SouthState stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $81.00, for a total transaction of $243,000.00. Following the sale, the insider now owns 35,828 shares of the company’s stock, valued at $2,902,068. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on SSB. DA Davidson restated a “buy” rating and set a $102.00 price objective (up from $96.00) on shares of SouthState in a report on Monday, January 29th. Piper Sandler decreased their price objective on SouthState from $98.00 to $95.00 and set an “overweight” rating for the company in a report on Monday, April 29th. UBS Group upped their price objective on shares of SouthState from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. Finally, Truist Financial cut their target price on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, SouthState has an average rating of “Hold” and a consensus target price of $88.17.

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.