Mutual of America Capital Management LLC Sells 2,434 Shares of SouthState Co. (NASDAQ:SSB)

Mutual of America Capital Management LLC decreased its position in SouthState Co. (NASDAQ:SSB) by 5.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,186 shares of the bank’s stock after selling 2,434 shares during the quarter. Mutual of America Capital Management LLC owned 0.05% of SouthState worth $4,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new position in shares of SouthState during the 3rd quarter valued at approximately $35,000. UMB Bank n.a. increased its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the last quarter. GAMMA Investing LLC increased its position in shares of SouthState by 120.7% during the 2nd quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock valued at $47,000 after purchasing an additional 333 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of SouthState during the 2nd quarter valued at approximately $97,000. Finally, International Assets Investment Management LLC grew its position in SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,443 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the transaction, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. This represents a 11.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 transaction, the insider now directly owns 33,328 shares in the company, valued at $3,332,800. This represents a 6.98 % 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 company insiders.

Analysts Set New Price Targets

Several brokerages have commented on SSB. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Stephens upped their price objective on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Truist Financial cut their price objective on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Finally, Citigroup assumed coverage on SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, SouthState has an average rating of “Hold” and an average target price of $105.11.

SouthState Trading Up 1.9 %

Shares of NASDAQ SSB opened at $106.83 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a market capitalization of $8.15 billion, a P/E ratio of 16.52 and a beta of 0.66. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $113.14. The business has a fifty day moving average price of $99.67 and a 200 day moving average price of $89.53.

SouthState (NASDAQ:SSB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. SouthState had a return on equity of 9.41% and a net margin of 21.24%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 EPS. Equities research analysts expect that SouthState Co. will post 6.94 EPS for the current fiscal year.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Friday, November 8th. SouthState’s dividend payout ratio (DPR) is currently 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.