379 Shares in SouthState Co. (NASDAQ:SSB) Bought by Summit Securities Group LLC

Summit Securities Group LLC purchased a new stake in SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 379 shares of the bank’s stock, valued at approximately $38,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Blue Trust Inc. grew its holdings in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after purchasing an additional 167 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in SouthState during the fourth quarter worth $137,000. Avior Wealth Management LLC increased its holdings in SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after buying an additional 1,793 shares during the period. Central Pacific Bank Trust Division raised its stake in shares of SouthState by 15.7% in the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after buying an additional 250 shares in the last quarter. Finally, Intrust Bank NA acquired a new position in shares of SouthState in the 4th quarter valued at $213,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Down 1.6 %

Shares of NASDAQ SSB opened at $92.32 on Monday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The firm’s 50-day simple moving average is $99.06 and its 200 day simple moving average is $100.59. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 13.26 and a beta of 0.68.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.34%. SouthState’s dividend payout ratio (DPR) is currently 31.03%.

Analysts Set New Price Targets

A number of research firms recently weighed in on SSB. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and upped their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective on the stock. Finally, Stephens reissued an “overweight” rating and set a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.44.

Insider Activity at SouthState

In other news, Director G Stacy Smith acquired 3,100 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, with a total value of $290,160.00. Following the acquisition, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. This trade represents a 9.20 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

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.