Oppenheimer Asset Management Inc. Sells 502 Shares of SouthState Co. (NASDAQ:SSB)

Oppenheimer Asset Management Inc. trimmed its stake in SouthState Co. (NASDAQ:SSB) by 2.2% in the third quarter, HoldingsChannel.com reports. The firm owned 22,494 shares of the bank’s stock after selling 502 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SouthState were worth $2,186,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of SouthState by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,328,984 shares of the bank’s stock valued at $254,394,000 after buying an additional 371,987 shares during the period. Victory Capital Management Inc. increased its position in SouthState by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,802,373 shares of the bank’s stock valued at $214,157,000 after purchasing an additional 45,176 shares during the period. American Century Companies Inc. raised its holdings in SouthState by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 1,685,828 shares of the bank’s stock worth $128,831,000 after purchasing an additional 39,492 shares during the last quarter. Earnest Partners LLC raised its holdings in SouthState by 2.8% during the 2nd quarter. Earnest Partners LLC now owns 1,494,332 shares of the bank’s stock worth $114,197,000 after purchasing an additional 40,879 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of SouthState by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock worth $87,464,000 after purchasing an additional 21,160 shares during the period. 89.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SSB has been the subject of several recent analyst reports. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Stephens increased their price target on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price objective (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. DA Davidson raised their target price on SouthState from $102.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Truist Financial dropped their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, SouthState has a consensus rating of “Hold” and an average target price of $105.11.

SouthState Trading Down 0.4 %

Shares of SouthState stock opened at $106.07 on Friday. The stock has a market capitalization of $8.09 billion, a PE ratio of 16.37 and a beta of 0.66. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $113.14. The stock has a 50 day moving average price of $98.93 and a two-hundred day moving average price of $88.96. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

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

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 8th were given a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 annualized dividend and a yield of 2.04%. SouthState’s payout ratio is 33.33%.

Insider Buying and Selling at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction on Friday, September 20th. The shares were 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. The trade was a 11.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company’s stock, valued at approximately $3,332,800. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

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.