Amalgamated Bank lifted its stake in shares of SouthState Co. (NASDAQ:SSB – Get Rating) by 4.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,415 shares of the bank's stock after purchasing an additional 358 shares during the quarter. Amalgamated Bank's holdings in SouthState were worth $768,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in SSB. Sound Income Strategies LLC boosted its position in shares of SouthState by 166.7% in the 1st quarter. Sound Income Strategies LLC now owns 480 shares of the bank's stock worth $39,000 after buying an additional 300 shares in the last quarter. Ensign Peak Advisors Inc purchased a new stake in shares of SouthState in the 1st quarter worth about $54,000. Rockefeller Capital Management L.P. boosted its position in shares of SouthState by 31.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 730 shares of the bank's stock worth $58,000 after buying an additional 173 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of SouthState in the 1st quarter worth about $76,000. Finally, Carroll Investors Inc purchased a new stake in shares of SouthState in the 4th quarter worth about $87,000. 86.88% of the stock is owned by institutional investors and hedge funds.Get SouthState alerts:
Wall Street Analyst Weigh In
Several equities research analysts recently commented on the stock. Raymond James decreased their price objective on shares of SouthState from $93.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday, July 7th. StockNews.com upgraded shares of SouthState from a "sell" rating to a "hold" rating in a research report on Monday, August 1st. Piper Sandler upgraded shares of SouthState from a "neutral" rating to an "overweight" rating and upped their target price for the company from $92.00 to $96.00 in a report on Wednesday. Finally, Truist Financial upped their target price on shares of SouthState from $90.00 to $97.00 and gave the company a "buy" rating in a report on Monday, August 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $93.08.
Insider Transactions at SouthStateIn other news, Chairman Robert R. Hill, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $83.88, for a total transaction of $838,800.00. Following the transaction, the chairman now directly owns 92,311 shares in the company, valued at approximately $7,743,046.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Greg A. Lapointe sold 304 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $82.99, for a total transaction of $25,228.96. Following the completion of the sale, the insider now owns 24,680 shares of the company's stock, valued at approximately $2,048,193.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Robert R. Hill, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $83.88, for a total transaction of $838,800.00. Following the sale, the chairman now directly owns 92,311 shares of the company's stock, valued at approximately $7,743,046.68. The disclosure for this sale can be found here. Insiders have sold a total of 55,704 shares of company stock worth $4,714,798 in the last three months. Company insiders own 1.88% of the company's stock.
SouthState Price Performance
NASDAQ:SSB opened at $79.12 on Friday. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 12.72 and a beta of 0.82. SouthState Co. has a 12-month low of $72.25 and a 12-month high of $93.34. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.06. The company's 50-day moving average is $81.47 and its two-hundred day moving average is $79.61.
SouthState (NASDAQ:SSB – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.09. The business had revenue of $383.29 million for the quarter, compared to analyst estimates of $390.97 million. SouthState had a net margin of 30.18% and a return on equity of 9.98%. The company's revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.87 EPS. Research analysts expect that SouthState Co. will post 7.17 EPS for the current year.
SouthState Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Stockholders of record on Friday, August 12th were issued a dividend of $0.50 per share. This is a positive change from SouthState's previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Thursday, August 11th. SouthState's dividend payout ratio is presently 32.15%.
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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.
- Get a free copy of the StockNews.com research report on SouthState (SSB)
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