Oppenheimer Asset Management Inc. Has $2.19 Million Holdings in SouthState Co. (NASDAQ:SSB)

Oppenheimer Asset Management Inc. trimmed its holdings in SouthState Co. (NASDAQ:SSB) by 2.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 hedge funds and other institutional investors also recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. boosted its holdings in shares of SouthState by 0.6% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 19,259 shares of the bank’s stock worth $1,472,000 after buying an additional 123 shares during the period. Raymond James & Associates grew its position in shares of SouthState by 0.6% in the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 126 shares during the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of SouthState by 7.0% during the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock worth $274,000 after purchasing an additional 186 shares during the period. UMB Bank n.a. lifted its holdings in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after purchasing an additional 192 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in SouthState by 120.7% in 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 period. 89.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Stephens lifted their target price on SouthState from $101.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Truist Financial cut their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Citigroup assumed coverage on shares of SouthState in a report on Thursday, October 10th. They set a “neutral” rating and a $102.00 target price on the stock. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Finally, Piper Sandler increased their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $105.11.

Insider Activity

In other SouthState news, insider Daniel E. Bockhorst sold 2,500 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the completion of the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. V. Matthews sold 5,000 shares of SouthState stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at $3,696,400. The trade was a 11.91 % 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 corporate insiders.

SouthState Stock Performance

NASDAQ SSB opened at $106.07 on Friday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $113.14. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 16.37 and a beta of 0.66. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm’s 50 day simple moving average is $98.93 and its 200 day simple moving average is $88.96.

SouthState (NASDAQ:SSB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating 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 firm had revenue of $426.41 million for the quarter, compared to the consensus estimate of $429.47 million. During the same quarter last year, the business posted $1.62 EPS. The company’s revenue was down .4% compared to the same quarter last year. As a group, research analysts expect that SouthState Co. will post 6.92 earnings per share for the current fiscal year.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a $0.54 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.04%. SouthState’s dividend payout ratio (DPR) is currently 33.33%.

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.