Victory Capital Management Inc. Has $232.07 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. lessened its holdings in shares of SouthState Co. (NASDAQ:SSB) by 14.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,388,037 shares of the bank’s stock after selling 414,336 shares during the period. Victory Capital Management Inc. owned 3.13% of SouthState worth $232,069,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nicholas Hoffman & Company LLC. lifted its position in shares of SouthState by 0.6% in the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after purchasing an additional 123 shares during the period. Raymond James & Associates raised its position in shares of SouthState by 0.6% in the 2nd quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock worth $1,631,000 after acquiring an additional 126 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of SouthState by 7.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock valued at $274,000 after purchasing an additional 186 shares during the period. UMB Bank n.a. lifted its stake in shares of SouthState by 53.9% in 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 period. Finally, GAMMA Investing LLC grew its stake in SouthState by 120.7% during the second quarter. GAMMA Investing LLC now owns 609 shares of the bank’s stock worth $47,000 after purchasing an additional 333 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Performance

NASDAQ SSB traded down $0.34 on Tuesday, hitting $110.64. 68,575 shares of the stock traded hands, compared to its average volume of 484,146. The firm has a market capitalization of $8.44 billion, a price-to-earnings ratio of 17.13 and a beta of 0.66. The business’s fifty day moving average is $97.99 and its two-hundred day moving average is $88.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 0.92. SouthState Co. has a 12 month low of $67.72 and a 12 month high of $113.14.

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

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 8th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Friday, November 8th. SouthState’s payout ratio is 33.33%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SSB shares. Citigroup assumed coverage on shares of SouthState in a report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target for the company. DA Davidson boosted their target price on SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Stephens raised their price objective on SouthState from $101.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Hovde Group boosted their price objective on SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, Truist Financial reduced their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $105.11.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 5,000 shares of the 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 in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of SouthState stock in a transaction that occurred on Wednesday, September 18th. The stock was 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 of the company’s stock, valued at $3,332,800. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. V. Matthews sold 5,000 shares of the firm’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 completion of the sale, the chief financial officer now owns 36,964 shares of the company’s stock, valued at $3,696,400. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

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.