SouthState Co. (NASDAQ:SSB) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN decreased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 47.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,509 shares of the bank’s stock after selling 3,196 shares during the quarter. OLD National Bancorp IN’s holdings in SouthState were worth $296,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nicholas Hoffman & Company LLC. boosted its position in shares of SouthState by 0.7% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 19,019 shares of the bank’s stock worth $1,606,000 after buying an additional 131 shares during the period. Xponance Inc. boosted its position in shares of SouthState by 2.3% during the fourth quarter. Xponance Inc. now owns 11,183 shares of the bank’s stock worth $944,000 after buying an additional 252 shares during the period. Federated Hermes Inc. boosted its position in shares of SouthState by 14.9% during the fourth quarter. Federated Hermes Inc. now owns 69,209 shares of the bank’s stock worth $5,845,000 after buying an additional 8,985 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of SouthState by 6.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,768 shares of the bank’s stock worth $1,332,000 after buying an additional 987 shares during the period. Finally, Strs Ohio boosted its position in shares of SouthState by 1.3% during the fourth quarter. Strs Ohio now owns 94,956 shares of the bank’s stock worth $8,019,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SSB shares. DA Davidson reiterated a “buy” rating and issued a $102.00 target price (up from $96.00) on shares of SouthState in a report on Monday, January 29th. Truist Financial decreased their target price on SouthState from $90.00 to $89.00 and set a “hold” rating for the company in a report on Monday, April 1st. Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a report on Friday, January 5th. Finally, UBS Group lifted their target price on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $87.80.

SouthState Stock Down 1.3 %

SouthState stock opened at $79.09 on Friday. The stock’s fifty day moving average is $81.68 and its two-hundred day moving average is $78.81. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.88. SouthState Co. has a 1-year low of $59.51 and a 1-year high of $87.77. The stock has a market cap of $6.03 billion, a PE ratio of 11.70 and a beta of 0.74.

SouthState (NASDAQ:SSB) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.13. The firm had revenue of $419.72 million for the quarter, compared to analysts’ expectations of $419.08 million. SouthState had a return on equity of 9.85% and a net margin of 22.15%. On average, sell-side analysts expect that SouthState Co. will post 6.51 EPS for the current fiscal year.

Insider Activity at SouthState

In other SouthState news, COO Renee R. Brooks sold 4,025 shares of SouthState stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other SouthState news, COO Renee R. Brooks sold 4,025 shares of SouthState stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the sale, the chief operating officer now owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Richard Iv Murray sold 4,900 shares of SouthState stock in a transaction that occurred 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 sale, the president now directly owns 58,968 shares in the company, valued at approximately $4,826,530.80. The disclosure for this sale can be found here. Insiders have sold 11,925 shares of company stock worth $988,686 in the last quarter. Company insiders own 1.26% of the company’s stock.

About SouthState

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.